bullish

FOMO

Bitcoin

<p>After dipping below $92k earlier this week, Bitcoin (BTC) saw a strong rebound, surging more than 4% in the past 24 hours. The price briefly hit around $97,360 before retracing to $95,740 during Thursday’s early Asian session. With this recovery, Bitcoin is looking to <a href="https://coinpedia.org/price-analysis/bitcoin-btc-price-prediction-nov-28th-2024/" target="_blank" rel="noreferrer noopener">regain its bullish momentum</a> and possibly reach $100k by the end of November.</p>   
<p>The recent surge in Bitcoin’s price has also helped push many altcoins higher, with Ethereum (ETH) taking the lead. As a result, altcoins have seen a surge in interest, as seen in the recent decline in Bitcoin dominance. This suggests a shift, with more capital flowing into altcoins rather than Bitcoin alone.</p>   
<h2 class="wp-block-heading" id="h-factors-that-influenced-bitcoin-pump-today">Factors that Influenced Bitcoin Pump Today</h2>   
<p>Several factors have contributed to Bitcoin’s recent price movement:</p>   
<p><strong>US SEC Leadership Change</strong></p>   
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   https://twitter.com/eleanorterrett/status/1861583715023102294?s=46 
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<p>The <a href="https://coinpedia.org/news/big-breaking-sec-chair-gary-gensler-officially-resigns/" target="_blank" rel="noreferrer noopener">resignation of SEC Chairman Gary Gensler</a> has sparked speculation about his successor. According to Fox reporter Eleanor Terret, Trump’s transition team is considering Paul Atkins, a former SEC commissioner with strong crypto expertise, as the next chair.</p>   
<p>This potential change could lead to a more crypto-friendly approach from the SEC, boosting market confidence.</p>   
<h3 class="wp-block-heading" id="h-bitcoin-etfs-see-strong-inflows"><strong><strong>Bitcoin ETFs See Strong Inflows</strong></strong></h3>   
<p>After two days of conservative cash outflows, the <a href="https://coinpedia.org/news/bitcoin-etfs-hit-record-3-1b-inflows-in-one-week-as-btc-price-aims-for-100k/" target="_blank" rel="noreferrer noopener">US spot Bitcoin ETFs</a> registered a net cash inflow on Wednesday. Led by Fidelity’s FBTC and Bitwise BITB, the US spot BTC ETFs registered a net cash inflow of $103 million on Wednesday, November 27.</p>   
<p>Consequently, the US spot BTC ETFs now hold Bitcoins worth more than $104 billion, led by BlackRock’s IBIT.</p>   [post_titles_links postid="386433"]   
<h3 class="wp-block-heading" id="h-leveraged-market-dynamics"><strong>Leveraged Market Dynamics</strong></h3>   
<p>Market data shows that out of the $77 million liquidated in Bitcoin’s leveraged market, $56 million came from short traders. After two days of long liquidations, the risk of a long squeeze increased, which helped push Bitcoin’s price higher in the last 24 hours. </p>   
<p>This type of market activity can lead to rapid price changes as traders adjust their positions.</p>   
<h3 class="wp-block-heading" id="h-institutional-interest-rises"><strong>Institutional Interest Rises </strong></h3>   
<p>As reported by Coinpedia, institutional demand for Bitcoin remains strong. <a href="https://coinpedia.org/news/microstrategy-buys-55500-bitcoins-worth-5-4-billion/" target="_blank" rel="noreferrer noopener">MicroStrategy Inc</a>., for example, has purchased over $10 billion worth of Bitcoin in just the past two weeks. This has encouraged other companies, such as Metaplanet, Hut 8, and Rumble, to follow suit.</p>   
<p><strong>Whether it reaches the $100k mark or not, Bitcoin’s journey through November was certainly one to watch.</strong></p>   
<h2 class="wp-block-heading" id="h-faqs">FAQs</h2>   
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 <div class="schema-faq-section" id="faq-question-1732801209977">
  <strong class="schema-faq-question">What factors are driving Bitcoin’s price up this week?</strong> 
  <p class="schema-faq-answer">Bitcoin’s recent price surge is driven by SEC leadership speculation, Bitcoin ETF inflows, short liquidations, and growing institutional demand.</p> 
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 <div class="schema-faq-section" id="faq-question-1732801217447">
  <strong class="schema-faq-question">What role do Bitcoin ETFs play in its price movement?</strong> 
  <p class="schema-faq-answer">Bitcoin ETFs, like those from Fidelity and Bitwise, saw strong inflows, adding over $100 million, which contributed to Bitcoin’s recent price rebound.</p> 
 </div> 
 <div class="schema-faq-section" id="faq-question-1732801233842">
  <strong class="schema-faq-question">Why are institutional investors buying so much Bitcoin?</strong> 
  <p class="schema-faq-answer">Companies like MicroStrategy and others have significantly increased their Bitcoin holdings, signaling strong institutional demand and reinforcing bullish market sentiment.<br><br></p> 
 </div> 
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Why Bitcoin Price is Up Today and Will Altcoins Join the Rally?

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