Bitcoin Is Going Sideways Due to Vanishing of Favorable Factors

BTC Remains $96K on Nov. 29 After Returned All Gains
Altcoin Continues Boring Market Following BTC Move
Expert "BTC May Go to $124K at the End of the Year"

Bitcoin(BTC) also went sideways on Nov. 29 due to the disappearance of favorable factors that will induce price hikes.

Bitcoin surpassed $97,000 the previous day and attempted to surpass $100,000, but fell again and went sideways in the $96,000 range. The main reason for the sideways trend is the disappearance of good news to lift the market amid the combination of the profit-taking sell-off and expectations for a new bull market.

Most altcoins were also weak due to Bitcoin's sideways trend. Some altcoins with low market capitalization recorded an increase of more than 5%, making up for the market atmosphere.

Despite the disappearance of special favorable factors, the market has not shown a significant decline in the launch of a new administration by "pro-cryptocurrency personnel" Trump.

◇ Bitcoin = Bitcoin price is $96,325 at 4 p.m. on Nov. 27, 2024.The Bitcoin share (dominance) was 58.26%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 49.61% and 50.39%, according to the on-chain analytics platform Sigbtc.

Experts have been expressing relentless optimism about Bitcoin for days.

"We are expecting a target price of $104,000 to $124,000 by the end of the year," said Ark Investment analyst David Puel, "but the price movement so far has been following the forecast pretty well."

"I want to classify the current market environment as the middle of the bull market," he said, presenting the past Bitcoin market price pattern and the current on-chain data as evidence. "I can say that it came about 55-65% when measured from the bottom to the top."

◇ Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4 p.m. on Nov. 29 was UXLINK(UXLINK), which rose about 10%.

UXLink establishes a Web 3.0 social platform in which users participate to guarantee users full ownership and privacy of their data, identity, and social connections. It aims to overcome the limitations of existing social platforms by acting as a bridge between Web 2.0 and Web 3.0.

It supports various DApps and services that can be operated based on groups for users, and various APIs (application programming interfaces) and SDK (software development tools) that can utilize users' social data for developers. Users can easily create a UXLink account and invite acquaintances by using existing social media accounts such as Telegram. UXLink, UXLink's native token, is used for payment and governance purposes within the platform.

◇ Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the 'Greed' phase with 78 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. As it is highly likely to form a short-term high, caution should be taken in selling.

The cryptocurrency relative strength index (RSI) provided by Sigbtc was 54.6, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr