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Bitcoin rallied back to $93,000 after approaching $100,000 resistance, while Pepe Unchained's ICO raised over $54 million with strong investor support.
Bitcoin is falling back after finding strong resistance just below $100,000. It currently trades for around $93,000.
However, despite the drop in BTC, some altcoins continue to experience strong growth.
One such coin is Pepe Unchained, which has currently raised over $54 million in an ICO as investors continue to support the new meme coin.
BTC crashes during profit taking and leverage flush
Bitcoin came close to hitting $100,000 this week with just a few hundred dollars left, but has now fallen.
The recent rally came in the wake of Trump's victory in the US presidential election, but long-term holders are looking to capitalize on the momentum to book profits, especially as the $100,000 level was expected to be a strong resistance level. Analysts suspect that this may have been intentional.
Andre Dragos, head of research at asset management firm Bitwise, said:
“Long-term holders have begun allocating large amounts of Bitcoin during the recent bull market.”
However, he stressed that “this could be a bull market correction rather than a change in trend,” adding that “Bitcoin's valuation is still far from excessive.”
However, it is not only spot positions that cause Bitcoin price declines.
Market intelligence platform IntoTheBlock tweeted that Bitcoin's funding rate being too high may have contributed to the retracement.
However, the post also pointed out that funding rates could return to baseline levels, allowing Bitcoin to resume its rally.
Bitcoin’s retrace could be due in part to rising funding rates, suggesting an over-leveraged position.
The good news? Funding rates have nearly normalized, suggesting the leverage flash may have run its course. pic.twitter.com/A2kJEk50uT
— Into the Block (@intotheblock) November 26, 2024
This follows Sunday's mass liquidation event, in which $560 million in leveraged positions were wiped from the market in four hours.
Analyst explains the bullish case for BTC
After hitting a low of $90.7,000 on Wednesday, Bitcoin has started to rise again and is currently trading at $93.3,000.
It is still 6.65% from Saturday's all-time high (ATH), but analysts suggest the bottom is in.
Miles Deutscher offers several arguments for Bitcoin's rise, including the fact that December has historically been a bullish month for cryptocurrencies and that Trump's victory will provide a tailwind for significant market growth. did.
Among other things, he also pointed out that President Trump's inauguration is on January 20th, and Bitcoin prices are likely to rise ahead of it.
I must respectfully disagree here.
I highly doubt we'll go back to the 70's anytime soon.
Macro settings negate the possibility of a significant drop here.
• December is historically $BTCBest month of election year
• No month is likely to be higher for the S&P… https://t.co/wPoqQ6CS1m
— Miles Deutscher (@milesdeutscher) November 27, 2024
Meanwhile, Microstrategy CEO and Bitcoin supporter Michael Saylor hinted that Bitcoin's current position is similar to the situation in November 2020.
He noted that Bitcoin rejected $20,000 at the time, but skyrocketed above that two weeks later. He said $20,000 is a “psychological barrier” that is exactly what $100,000 is today.
#bitcoin It reached $19,850 in late November 2020, but stopped short of the psychological $20,000 barrier.
Two weeks later, we entered the most important bull market of the cycle.
— Michael Saylor – Founder of Microstrategy (parody) (@notrealsaylor) November 26, 2024
Bitcoin’s retracement from $99,000 is not only expected but also healthy. Leveraged flashes now allow you to last longer in the next bull market without the immediate fear of mass liquidations occurring at any moment.
The pre-sale cryptocurrency Pepe Unchained continues to attract investment, even as Bitcoin's decline triggered market-wide risk aversion this week.
As Bitcoin and the broader market recover, PEPU will be well-positioned for growth.
Pepe Unchained to be listed on Tier 1 exchange within 16 days
Pepe Unchained is the first Pepe-themed Ethereum layer 2 blockchain. It aims to become the home of meme coins within the Ethereum ecosystem, and investors can buy it now at a ground floor pre-sale price.
The pre-sale raised a staggering $54 million, proving to be in great demand among traders. More than $2 million of this occurred in the past 24 hours, during which time Bitcoin lost $400 million from its market capitalization.
Pepe Unchained is expected to be cheaper and 100 times faster than Ethereum's main network. It also includes features such as a 2-click meme coin generator, staking, a block explorer, a decentralized exchange, and a dedicated Ethereum bridge.
Shh!🤫 We snapped an insider picture of Pepe coding his L2! pic.twitter.com/BxoCFauXH0
— Pepe Unchained (@pepe_unchained) November 26, 2024
The meme coin generator is called Pepe Pump Pad and allows anyone to launch a meme coin in minutes without any coding. Given the access to Ethereum’s vast liquidity infrastructure, it creates a perfect environment for teams to launch new projects.
Analysts are furious. In a recent video, ClayBro said this could be the “top meme coin of 2025.”
This has a unique advantage in that it is not just a meme coin, but an entire ecosystem. And that's exactly what presale investors are betting on.
PEPU tokens will be listed on Tier 1 exchanges within 16 days, so potential buyers should act quickly.
For more information, please visit the Pepe Unchained presale website.
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