bullish

Donald Trump

Bitcoin

<ul class="wp-block-list">
 <li>Bitcoin faces correction risks amid retail greed and overbought signals.</li>
 <li>Miner sell-offs intensify, raising concerns about market cycle tops.</li>
</ul>
Bitcoin (BTC), which hit an all-time high of $93,265 five days ago, is currently trading at $90,659.66, reflecting a modest 0.29% daily increase. Despite a 12% weekly gain, its trading volume has dipped by 4%, hinting at a slowdown in momentum.&nbsp;&nbsp;
Meanwhile, Renowned crypto analyst Ali has issued a cautionary note, warning of a potential steep correction for Bitcoin. Ali highlighted rising retail investor interest and a significant spike in Google searches for “Bitcoin,” often a harbinger of price declines. Historical data supports this claim, with past surges in search interest coinciding with corrections ranging from 26% to 50%. Additionally, the TD Sequential indicator has presented a sell signal, and RSI data suggests <a href="https://thenewscrypto.com/bitcoin-surpasses-90k-again-as-bull-run-resumes-post-brief-dip/" target="_blank" rel="noopener noreferrer nofollow">BTC</a> is in overbought territory.&nbsp;&nbsp;
Ali predicts that Bitcoin’s key <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ABTCUSDT" target="_blank" rel="noopener noreferrer nofollow">support</a> levels lie between $85,800–$83,250 and $75,520–$72,880, should a correction materialize. However, a daily close above $91,900 could invalidate the bearish outlook, potentially triggering a rally toward $100,680.&nbsp;&nbsp;
<h3 class="wp-block-heading" id="h-market-pressure-vs-btc-bulls-nbsp">Market Pressure Vs BTC Bulls&nbsp;</h3>
Adding to market pressures, Bitcoin miners have sold over 110,000 BTC, worth nearly $10 billion, between 10-17 November, intensifying concerns about a potential price stall. On 12 November alone, miners dumped 25,367 BTC ($2.2 billion), marking the highest single-day sell-off in recent months. Historically, such significant sell-offs have coincided with cycle tops, leading to broader sell pressure from other holders.&nbsp;&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc9KVad20ebDJ7s3iWmiW-X1Vwyz1g-y4GHwlo2k2wnUlzBttYWWMr5irzUDBIjMdh8Ulm_xCPUAOhQ7eqn_0kA7fkISg97rRTGTQ6sl_dOhyEFTF1MT69WbBmupMYciSCQirKxgQ?key=Ak8qq3LJ03e4qRt_hmYw1etT" alt="">
 <figcaption class="wp-element-caption">
 BTC Price Chart, source: Sanbase
 </figcaption>
 </figure>
</div>
Meanwhile, <a href="https://x.com/MicroStrategy" target="_blank" rel="noopener noreferrer nofollow">MicroStrategy</a>‘s bold Bitcoin strategy continues to make headlines. With 279,240 BTC worth $26 billion, the firm’s Bitcoin reserves now outshine those of industry giants like IBM and Nike. Despite initial skepticism, MicroStrategy’s stock has surged over 2,500% since 2020, aligning with Bitcoin’s remarkable growth.&nbsp;&nbsp;
As Bitcoin hovers around $90,000, the market’s trajectory hinges on overcoming miner <a href="https://thenewscrypto.com/ethereum-eth-faces-critical-test-at-3k-support-level/" target="_blank" rel="noopener noreferrer nofollow">sell</a> pressure and sustaining bullish momentum to breach the anticipated $100,000 milestone.&nbsp;&nbsp;
Highlighted News Of The Day
<a href="https://thenewscrypto.com/donald-trump-rumored-to-meet-key-leaders-to-discuss-crypto/" rel="noopener noreferrer nofollow">Donald Trump Rumored to Meet Key Leaders To Discuss Crypto</a>

Can Bitcoin Overcome Sell Pressure to Hit $100K?

Table of Contents

TheNewsCrypto

Other articles published on Nov 18, 2024

Binance Expands User Options with New USDC Trading Pairs

WeFi to Enter New Phase of DeFi Following November $WFI Token Generation Event

What Donald Trump's Victory Means for Crypto Policy, His Legal Battles, and Ross Ulbricht's Future

TwoBTC.com: A New Standard for Secure and Versatile Crypto Trading

Bitcoin Exchange Binance Announces Addition of Three New USDC Pairs to Margin Platform! Here Are ...

5 Uniswap Alternatives That Could Outperform in the DeFi Space

Join our free newsletter for daily crypto updates!