Bitcoin, Ethereum, Dogecoin Heat Up In Pre-Thanksgiving Rally: 'Buy The Fear, Sell The Greed, Rinse And Repeat,' Says Trader

Author: Khyathi Dalal | November 27, 2024 04:55pm

Cryptocurrency markets are trading higher on Wednesday, with Bitcoin surging back above the $96,000 mark.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$96,719.50	+5.3%
Ethereum (CRYPTO: ETH)	$3,599.43	+8.8%
Solana (CRYPTO: SOL)	$239.41	+4.5%
Dogecoin (CRYPTO: DOGE)	$0.4042	+6.6%
Shiba Inu (CRYPTO: SHIB)	$0.00002545	+5.7%

Notable Statistics:

• IntoTheBlock data shows large transaction volume decreasing by 7.4% and daily active addresses falling by 15%. Transactions greater than $100,000 are down from 13,037 to 12,877 in a single day. Exchanges netflows are up by 43.1%.
• Coinglass data reports 88,921 traders were liquidated in the past 24 hours for $243.79 million. Crypto long liquidations at $66.6 million are at the lowest since Nov. 5.

Notable Developments:

• Ripple To Invest In Rebranded XRP Exchange-Traded Product By Bitwise
• ‘Crypto Dad’ Chris Giancarlo Advocates For Passing Crypto Regulation From The SEC To Another Commission — Here’s Why
• Long-Term Bitcoin Holders Locking In $2.02 Billion In Daily Realized Profits, Setting A New Record
• Donald Trump Eyes Former SEC Comissioner Paul Atkins As Gary Gensler’s Successor
• MicroStrategy-Linked ETFs Skyrocket 400% This Year: Is This ‘The Michael Saylor Effect’?
• Trump Administration To Reportedly Let CFTC Regulate Bitcoin, Ethereum Spot Market, Is The SEC Set To Lose Its Grip Over Crypto?

Top Gainers:

Cryptocurrency	Price	Gains +/-
Uniswap (CRYPTO: UNI)	$13.24	+24.2%
Ethena (CRYPTO: ENA)	$0.7053	+18.9%
Aave (CRYPTO: AAVE)	$201.37	+17.2%

Trader Notes: With Bitcoin prices picking up steam, CryptoQuant’s Head of Research sees a demand expansion driving Bitcoin higher.

Bitcoin demand growth is accelerating again after the recent price correction.

Demand expansion is what will get Bitcoin higher. pic.twitter.com/JKKzzgDxiZ

— Julio Moreno (@jjcmoreno) November 27, 2024

More Crypto Online sees the price of Bitcoin having reached the first target of a bullish pattern at $96,046.

Crypto trader Astronomer Zero sees a familiar pattern playing out, saying, "Buy the fear, sell the greed, rinse and repeat."

$BTC

Everyone wanted lower, so we longed for higher 💸

And there it is, the price push straight into our asks.

As promised, we set bids, called for a local range to form, and then for a push up. And it's all happening.

Buy the fear, sell the greed, rinse and repeat. ♻️

All… https://t.co/MdOhn2x145 pic.twitter.com/dsUAce2Fmw

— Astronomer (@astronomer_zero) November 27, 2024

Read Next: 

• Bitcoin’s 2020 ‘Thanksgiving Massacre’ To Repeat Or Is The Holiday A ‘Turning Point For New Highs’?

Posted In: $AAVE $BTC $DOGE $ENA $ETH $SHIB $SOL $UNI