Bitcoin had a quiet day, which is no coincidence as the U.S. markets were closed for Thanksgiving. However, the price still fluctuated quite a bit, and an exciting 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 touched $92,000 for the first time in a week. This happened after a trading day that was officially the best in over six weeks. But it failed to break through.
After a brief dip towards $91,000, the price bounced back, only to immediately slide into a new decline towards $90,500. From that point, Bitcoin recovered to $91,800, after which it formed a higher low around $90,750.
This time, Bitcoin recovered towards $91,700, but this morning the price was rejected again. Thus, the price is trapped in a playing field that is becoming increasingly narrow.
The zone around $92,000 is like a steel ceiling where a large army of sellers is stationed. As long as Bitcoin holds above $90,000, the door to a new attack remains open.
Today will be a short trading day on Wall Street, so it seems likely to be quieter for most of the day again. The market is open today from 3:30 PM to 7:00 PM (Dutch time).
At the time of writing, the BTC price on crypto exchange OKX is $91,287. On the Dutch crypto exchange Bitvavo, the BTC price in euros comes to €78,804. Compared to 24 hours ago, BTC is down 0.08%.
Plunge for Solana and Cardano #
The rest of the market is also dull. Just like Bitcoin, many cryptocurrencies are at about the same level as yesterday.
Ethereum is 0.64% lower and Ripple has become 0.30% cheaper. Solana, Dogecoin, and Cardano are all showing significant losses approaching 3%.
Zcash, the 18th largest coin, is even down a steep 7.81%. And if we are talking about heavy losses, a smaller memecoin also deserves some attention. This memecoin has fallen by 20.03% in value in the past day.