Bitcoin had a quiet day, and that was no coincidence, as U.S. markets were closed for Thanksgiving. However, the price still saw some significant swings, and a compelling tug-of-war between buyers and sellers is now unfolding.
Bitcoin Hits a Sell Wall #
In the night from Wednesday to Thursday, the bitcoin price briefly touched $92,000 for the first time in a week. This followed a trading day that was officially the best in over six weeks. However, it failed to gain any real traction.
After a short dip towards $91,000, the price bounced back, only to immediately slide into another decline towards $90,500. From that point, bitcoin recovered to $91,800, before forming a higher low around $90,750.
This time, bitcoin recovered towards $91,700, but this morning the price was rejected again at that level. As a result, the price is trapped in an increasingly narrow playing field.
The zone around $92,000 is acting as a steel ceiling, with a large army of sellers stationed there. As long as bitcoin holds above $90,000, the door remains open for a new attack.
Today will be a short trading day on Wall Street, so it seems likely that it will be quieter for most of the day again. The market is open today from 3:30 PM to 7:00 PM (CET).
At the time of writing, the BTC price on crypto exchange OKX is $91,287. Compared to 24 hours ago, BTC is down 0.08%.
Solana and Cardano Lead Altcoin Declines #
The rest of the market is also a dull affair. Like bitcoin, many cryptocurrencies are trading at approximately the same level as yesterday.
Ethereum is down 0.64%, and Ripple is 0.30% cheaper. Solana, Dogecoin, and Cardano are all showing significant losses approaching 3%.
Zcash, the 18th largest coin, is even facing a steep drop of 7.81%. Speaking of heavy losses, a smaller memecoin also deserves a mention. This memecoin has fallen by 20.03% in value over the past day.