{"id":26935,"date":"2024-12-09T13:10:12","date_gmt":"2024-12-09T13:10:12","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=26935"},"modified":"2024-12-09T13:10:12","modified_gmt":"2024-12-09T13:10:12","slug":"bitfinex-alpha-btc-consolidating-at-100000","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=26935","title":{"rendered":"Bitfinex Alpha | BTC consolidating at $100,000"},"content":{"rendered":"
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Bitcoin reached a historic milestone<\/a> last week, breaching $100,000 for the first time and hitting a new all-time high of $104,000. This marked a 111 percent rise from its summer lows under $50,000. However, the rally was followed by a sharp 14.84 percent correction<\/a>, including a rapid 10 percent drop within just eight minutes\u2014the largest pullback from a present ATH since the pre-election sell-off. The correction triggered over $1.1 billion in liquidations, of which $419 million were in Bitcoin long positions, underscoring the level of leverage in the market.<\/p>\n

Despite this volatility, signs of market stabilisation are emerging. The Realized Profit metric<\/a>, which peaked at $10.5 billion daily, has fallen to $2.5 billion, easing sell-side pressure. Futures funding rates<\/a> have also normalised, signalling reduced speculative leverage. And while ETF inflows slowed slightly<\/a> towards the end of last week, they remain a critical source of support amid ongoing long-term holder profit-taking.
As Bitcoin consolidates above $100,000, the mid-term outlook remains bullish, and with normalising funding rates and slowing sell-side pressure, further upward momentum is likely, provided ETF inflows<\/a> continue.<\/p>\n

The latest US economic data threw up some mixed results last week, but overall showed that the economy continues to look resilient. November saw a strong rebound in job creation<\/a>, with 227,000 jobs added, exceeding expectations despite disruptions from October\u2019s hurricanes. However, a slight rise in unemployment<\/a> to 4.2 percent suggests lingering workforce shifts. October job openings<\/a> surged to 7.74 million, highlighting sustained demand for labour, although hiring slowed, reflecting employer caution amid economic uncertainties. Meanwhile, the service sector<\/a> marked its 51st consecutive month of growth in November, though at a slower pace, with the PMI at 52.1, supported by robust consumer spending and wage growth. Inflationary pressures persist, but easing supply chain bottlenecks and strong year-end expectations point to stability.<\/p>\n

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As the Federal Reserve evaluates potential policy shifts<\/a> from the new incoming administration, the economy remains anchored by a resilient labour market and steady consumer demand. Uneven recovery across sectors however, signal the need for cautious optimism.<\/p>\n

In crypto news last week, South Korea experienced a dramatic surge in crypto trading<\/a>, with $34 billion recorded in just 24 hours across leading Korean crypto exchanges, following the declaration of martial law by President Yoon Suk-yeol. The political unrest caused panic sell-offs and platform outages, highlighting the market\u2019s sensitivity to geopolitical instability. Bankrupt exchange Mt. Gox<\/a> also transferred $2.4 billion worth of Bitcoin to a new wallet, just as Bitcoin rose above $100,000 for the first time. And Grayscale joined the competitive race to launch a Solana ETF<\/a>, filing to convert its Solana Trust as SOL rallied. These events illustrate the dynamic interplay of political, regulatory, and historical factors shaping the evolving crypto landscape.<\/p>\n

Have a good trading week!<\/p>\n

<\/span><\/p>\n

The post Bitfinex Alpha | BTC consolidating at $100,000<\/a> appeared first on Bitfinex blog<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Review full report Subscribe to Bitfinex Alpha Subscribe to Bitfinex Alpha! Want to receive Alpha from Bitfinex every week? Subscribe Bitcoin reached a historic milestone last week, breaching $100,000 for the first time and hitting a new all-time high of $104,000. This marked a 111 percent rise from its summer lows under $50,000. However, the […]<\/p>\n","protected":false},"author":0,"featured_media":26936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-26935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26935"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26935"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/26936"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}