The cryptocurrency market’s momentum has stalled over the past 24 hours, as Bitcoin (BTC), Ethereum (ETH), and other tokens traded in the red. BTC reached an intraday high of $91,836 on Thursday but lost momentum, falling to a low of $90,543. It rebounded from this level to reclaim $91,000 but stalled yet again, falling to $90,720 before moving to its current level. BTC is marginally up over the past 24 hours, trading around $91,424
Meanwhile, ETH is struggling to stay above $3,000 despite an impressive rally this week. The altcoin fell to an intraday low of $2,988 before climbing to $3,048. However, price action stalled after reaching this level, and ETH dropped to $2,998 before moving to its current level. The altcoin is down nearly 1% over the past 24 hours, trading around $3,018. Meanwhile, Ripple (XRP) is down over 1% at $2.19, and Solana (SOL) is down 2% at $140. Dogecoin (DOGE) is down over 2% and Cardano (ADA) is down almost 2%, trading around $0.425. Chainlink (LINK), Stellar (XLM), Litecoin (LTC), Hedera (HBAR), and Polkadot (DOT) are also trading in the red. However, Toncoin (TON) has bucked the bearish trend, up nearly 2% at $1.62
CME Group Temporarily Halts Trading
The CME Group has temporarily paused trading across currencies, stock futures, and commodities after a cooling system disrupted operations at its data centers. The outage impacted nearly all futures and options contracts on the Globex platform, and also impacted the EBS forex trading system. CME Group issued an update about the outage on X, stating,
“Due to a cooling issue at CyrusOne data centers, our markets are currently halted. Support is working to resolve the issue in the near term and will advise clients of Pre-Open details as soon as they are available.”
Upbit Hit By $36M Breach
Upbit, South Korea’s biggest cryptocurrency exchange, has temporarily frozen deposits and withdrawals after detecting around $36 million in unauthorized outflows from a Solana-network hot wallet. The exchange announced that it detected suspicious transfers at around 4:42 AM local time and initiated a service shutdown and a full security review of supported assets. It also confirmed that the breach was confined to its hot wallet and that cold wallet reserves were secure
The incident renewed scrutiny on Upbit’s parent entity, Dunamu. Dunamu has just announced a $10 billion deal with fintech giant Naver. The latest hack is similar to Upbit’s 2019 security breach, in which the exchange lost nearly $50 million in an attack orchestrated by the Lazarus Group
South Africa’s Central Bank Dismisses Immediate CBDC Need
The South African Reserve Bank has said it does not see an immediate need for a central bank digital currency (CBDC), instead advocating for modernizing existing payment systems. The bank stated that existing initiatives, like a program to modernize the existing payments system and expand non-bank participation in the national payment system, must be the priority for now
“While the SARB does not currently advocate for the implementation of a retail CBDC, it will continue to monitor developments and will remain prepared to act should the need arise.”
The central bank added that it will shift focus towards exploring wholesale CBDC applications and cross-border payment efficiency, while continuing to monitor retail CBDC developments
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has retained its position above $91,000 as the Thanksgiving weekend begins, leaving investors optimistic of positive price action next week. The flagship cryptocurrency has rebounded this week, reclaiming $90,000 on Wednesday, rising nearly 4% to settle at $90,468. The price continued pushing higher on Thursday, increasing almost 1% to cross $91,000 and settle at $91,316. BTC is marginally up during the ongoing session, trading around $91,342
BTC avoided selling pressure on Thursday, instead rising nearly 1% and retaining the $90,000 support heading into the Thanksgiving weekend. Price action is expected to be muted as Wall Street remains closed for the holiday weekend. Analysts believe that a crucial resistance battle is around the corner at $93,000. Analyst and entrepreneur Michaël van de Poppe stated in a post on X,
“If this level breaks, Bitcoin is back up to $100K. All in all, a pretty strong bounce upwards. I want to see some consolidation here before we break through this resistance level.”
Analyst and crypto trader Daan Crypto Trades identified $97,000 as a key point in BTC’s search for an upside target. The analyst stated on X,
“The $97,000-$98,000 is stacked after seeing that consistent and heavy sell off 1-2 weeks back. This created a ton of marginally lower highs, creating such a big liquidity pocket. The $97,000-$98,000 area is also in line with a clear horizontal price level. So overall, a good area to watch.”
Analyst J.A. Maartunn had more good news for Bitcoin traders, stating that spot markets were entering recovery mode. The analyst highlighted the taker cumulative volume delta (CVD) returning to neutral territory. The negative CVD was one of multiple areas of concern at the start of November
“The Bitcoin market is showing clearer signs—across futures, spot, and on-chain data—that the recent ‘leveraged phase’ is ending and longer-term capital is returning.”
BTC started the previous weekend in bearish territory, dropping over 5% and settling at $94,503. It recovered on Saturday, rising 1.10% to $95,544, but was back in the red on Sunday, dropping 1.42% to $94,183. Sellers retained control on Monday, BTC fell 2.21% to $92,100. The flagship cryptocurrency fell to an intraday low of $89,183 on Tuesday. However, it recovered from this level to reclaim $92,000 and settle at $92,914, ultimately rising 0.88%. Selling pressure returned on Wednesday, with BTC falling to a low of $88,483 before settling at $91,461.
Source: TradingView
Selling pressure intensified on Thursday as BTC fell over 5%, slipping below $90,000 and settling at $86,536. Bearish sentiment persisted on Friday as BTC plunged to an intraday low of $80,524 before rebounding to reclaim $85,000 and settle at $85,068. Price action was mixed over the weekend, with BTC falling 0.45% on Saturday before rising 2.51% on Sunday and settling at $86,808. Buyers retained control on Monday as BTC started the week in positive territory, rising 1.68% to $88,266. Selling pressure returned on Tuesday as the price fell 1.07% to $87,325. BTC recovered on Wednesday, rising nearly 4% to reclaim $90,000 and settle at 90,468. Buyers retained control on Thursday as the price rose 0.94% to cross $91,000 and settle at $91,316. BTC is marginally up during the ongoing session, trading around $91,363.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is marginally down as it heads into the weekend, trading around $3,011. The altcoin reclaimed $3,000 on Wednesday, rising over 2% and settling at $3,028. However, it lost momentum on Thursday, dropping 0.45% to $3,014. ETH is marginally down during the ongoing session, trading around $3,009.
Despite ETH’s recovery this week, derivatives metrics remain cautious. A lack of bullish leverage from top ETH traders, combined with falling Ethereum network fees, weakened the case for a sustained upside, reducing chances of a move to $4,000. Analysts have highlighted that demand for leveraged bullish ETH positions has been virtually absent since Monday, as indicated by the perpetual futures funding rate. Under normal market conditions, the rate sits between 6% and 12% to offset capital costs. A large percentage of investor hesitation stems from uncertainty surrounding the October flash crash.
The October 10 market crash and subsequent decline in the ETH price led to widespread liquidations across centralized and decentralized platforms, impacting investor confidence. Total value locked (TVL) on the Ethereum network plummeted from $99 billion to $72 billion, adding further pressure on the price outlook. Network fees on Ethereum have also dropped 13% over the past week, while transaction count has remained steady. The divergence between them has had investors worried about a negative feedback loop linked with shrinking network deposits. Such a scenario could produce an inflationary tilt for ETH.
Top traders on platforms like OKX have also limited their bullish exposure to ETH, with the long-to-short ratio showing a 23% tilt towards bearish positions. The weakening US jobs market has also made traders uneasy. Companies have cited rising operating costs, while some have blamed the extended US government shutdown for a downturn in consumer spending. Meanwhile, a report in Reuters stated that US-based firms have announced more than 25,000 job cuts in November.
ETH started the previous weekend in the red, dropping nearly 4% to $3,113. The altcoin recovered on Saturday, rising 1.74% but returned to bearish territory on Sunday, dropping over 2% to $3,097. Sellers retained control on Monday as ETH fell 2.18% to $3,030. Despite the overwhelming selling pressure, the price recovered on Tuesday, rising over 3% to cross $3,100 and settle at $3,124. Selling pressure returned on Wednesday as ETH plunged to a low of $2,871. However, it rebounded from this level to reclaim $3,000 and settle at $3,023, ultimately dropping over 3%.
Source: TradingView
Bearish sentiment intensified on Thursday as ETH fell over 6% to $2,832. The altcoin fell to an intraday low of $2,620 on Friday, with selling pressure persisting. However, the price recovered from this level and settled at $2,766, ultimately dropping 2.33%. Price action was positive over the weekend, with ETH registering a marginal increase on Saturday before rising 1.18% on Sunday and settling at $2,802. Bullish sentiment intensified on Monday as the price rose by over 5% to cross $2,900 and settle at $2,954.ETH registered a marginal increase on Tuesday, settling at $2,960. The price continued pushing higher on Wednesday, rising 2.30% to reclaim $3,000 and settling at $3,028. However, it lost momentum on Thursday, dropping 0.45% to $3,014. ETH is marginally down during the ongoing session, trading around $3,006.
Solana (SOL) Price Analysis
Solana (SOL) mounted an impressive recovery, reclaiming $140 on Wednesday and settling at $143. However, momentum stalled reaching this level, and the price fell 1.60% on Thursday, settling at $140. SOL is down nearly 1% during the ongoing session, trading around $139.
SOL’s recovery is struggling due to weak network activity, declining TVL, and negative ETF inflows. Spot Solana ETFs recorded their first day of outflows, registering $8.2 million in net outflows on Wednesday, and snapping a record inflow streak. The outflows could reflect a decline in institutional interest amid weakening network activity. According to Nansen data, there is a 6% decrease in active addresses and a 16% decline in network fees over the past week. Solana’s total value locked (TVL) is also down 20% month-to-date, down 32% from its September high of $13. 23 billion.
The recent Upbit hack, in which $36 million from its Solana hot wallet was stolen, has added further uncertainty. Upbit halted all SOL deposits and withdrawals, curbing liquidity and potentially amplifying selloffs. The halt has also disrupted trading flows as traders can’t easily enter or exit positions.
According to Daan Crypto Trades, SOL’s decline could be reaching an exhaustion point, and it identified a nearby resistance level as the first target for recovery.
SOL started the previous weekend in the red, dropping 4% and settling at $138. It registered a marginal recovery on Saturday before dropping 1.67% on Sunday and settling at $137. Selling pressure intensified on Monday as SOL fell 4.55% to $130. Despite the overwhelming selling pressure, SOL recovered on Tuesday, rising over 7% and settling at $140. However, it returned to bearish territory on Wednesday, dropping to a low of $130 before settling at $137.
Source: TradingView
SOL reached an intraday high of $144 on Thursday but lost momentum after reaching this level. As a result, it fell 2.48% to $133. Selling pressure intensified on Friday with SOL falling to an intraday low of $121. However, it rebounded from this level and settled at $128, ultimately dropping 3.69%. Price action was mixed over the weekend, with SOL falling 0.83% on Saturday before rising 2.36% on Sunday and settling at $130. Bullish sentiment intensified on Monday as SOL rose over 6% and settled at $138. The price fell to an intraday low of $133 before rebounding and registering a marginal increase. SOL continued pushing higher on Wednesday, rising nearly 3% and settling at $143. The altcoin lost momentum on Thursday, dropping almost 2% to $140. SOL is marginally down during the ongoing session, trading around $140.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) started the previous week in positive territory, rising over 15% and settling at $5.51. However, it lost momentum on Tuesday, falling 7.44% to $5.10. Sellers retained control on Wednesday as the price fell nearly 3%, slipping below $5 and settling at $4.96. Price action remained bearish on Thursday with ARB falling almost 7% to $4.62. Friday saw the price continue declining, falling nearly 7% to $4.30.
Source: TradingView
Price action was mixed over the weekend as ICP fell by over 6% on Saturday before registering a marginal increase on Sunday and settling at $4.05. Buyers retained control on Monday as the price rose nearly 4% to $4.20. ICP continued rising on Tuesday, rising almost 4% and settling at $4.36. However, it lost momentum after reaching this level and fell 2.52% to $4.25. Selling pressure persisted on Thursday as the price fell 4.94% to $4.04. ICP is up almost 2% during the ongoing session, trading around $4.12.
Injective (INJ) Price Analysis
Injective (INJ) registered a sharp drop on Monday (January 17), falling 3.94% to $6.242. The price recovered on Tuesday, rising nearly 6% to $6.603. It lost momentum on Wednesday, falling 1.34% to $6.515. Selling pressure persisted on Thursday as INJ fell almost 9% to $5.931. Bearish sentiment intensified on Friday as the price fell over 8% to $5.439.
Source: TradingView
Price action remained bearish over the weekend with INJ falling 0.77% on Saturday and 0.89% on Sunday, and settling at $5.349. Despite the overwhelming selling pressure, the price recovered on Monday, rising nearly 8% to $5.767. INJ continued pushing higher on Tuesday, rising 3.29% to $5.957. The price rose 1.08% on Wednesday and 2.51% on Thursday, settling at $6.172. INJ is up 1.53% during the ongoing session, trading around $6.267.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
