Bitcoin Hits $95K For The First Time Ever, Ethereum, Dogecoin Flat As Trump's Crypto Policy Takes Shape: Top Analyst Describes BTC's Path To $135K

Benzinga11-21 09:55

Bitcoin hit $95,000 for the first time ever, following reports of a cryptocurrency-focused role in the incoming Donald Trump administration. CryptocurrencyGains +/-Price (Recorded at 7:45 p.m. ET)...

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Its returns for November have shot past 33% already, against the historical average of 45%. \nOn the contrary, Ethereum, the second-largest cryptocurrency by market capitalization, slid below $3,100. It was down over 3.5% over the week.\nBitcoin's rally followed reports of a dedicated cryptocurrency role in Trump's administration that would act as a bridge between the White House, Congress, and regulatory agencies like the SEC and CFTC.\nNearly $350 million in leveraged positions were liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $241 million.\nBitcoin's Open Interest (OI) surged 6.52% in the last 24 hours, implying heightened speculative interest among derivatives traders.\nMost of the new bets favored Bitcoin's price increase as the number of long positions increased vis-à-vis shorts, according to the Long/Shorts Ratio.\nMarket sentiment remained in the \"Extreme Greed\" zone, as per the Cryptocurrency Fear and Greed Index.\nTop Gainers (24-Hours)\nCryptocurrencyGains +/-Price (Recorded at 7:45 p.m. ET)Floki (FLOKI)+14.94%$0.0002822UNUS SED LEO (LEO)+6.46%$8.47Tezos (XTZ)+5.35%$1.08\nThe global cryptocurrency market capitalization stood at $3.12 trillion, following an increase of 1.32% in the last 24 hours.\nStocks traded mixed on Wednesday. The S&P 500 ended the session flat, while the tech-heavy Nasdaq Composite slid 0.11% to close at 18,966.14. The Dow Jones Industrial Average\nThe Nasdaq Composite lifted 195.66 points, or 1.04%, to end at 18,987.47. The S&P 500 added 0.40% to close at 5,916.98. Meanwhile, the Dow Jones Industrial Average was the outlier, surging 139.53 points, or 0.32%, to end at 43,408.47.\nNvidia Corp. NVDA shares finished 0.76% lower ahead of third-quarter earnings, which eventually turned out to be better than expected.\n.See More: Best Cryptocurrency Scanners\nAnalyst Notes: Noted cryptocurrency analyst Ali Martinez drew a parallel with Bitcoin's Dec. 2020 trajectory, observing a \"nearly identical\" Relative Strength Index (RSI).\n\"If true, BTC will go to $108,000, drop to $99,000, and bounce to $135,000,\" Martinez added. \n\n#Bitcoin looks like it did in December 2020. Even the RSI is nearly identical. If true, $BTC will go to $108,000, drop to $99,000, and bounce to $135,000! pic.twitter.com/hsIBWBVGnl— Ali (@ali_charts) November 20, 2024\n\nAnother widely-followed analyst, Rekt Capital, stated that Bitcoin dips from the previously broken resistance would mean a \"post-breakout retest.\"\n\"These retests aren’t always necessary but BTC’s most recent downside wicking demonstrates that there is at least retesting intent in the price action,\" the analyst remarked.\n\n#BTC Any dips into the previously broken Range High (red) would constitute a post-breakout retestThese retests aren't always necessary but BTC's most recent downside wicking demonstrates that there is at least retesting intent in the price action$BTC #Crypto #Bitcoin https://t.co/r9YbUIg79C pic.twitter.com/uLIY7yXynz— Rekt Capital (@rektcapital) November 20, 2024\n\nPhoto by SvetlanaParnikova on ShutterstockRead Next:    \n\nHere’s How Much $100 Invested In Cardano Today Could Be Worth If ADA Hits New All-Time Highs\n Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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