Bitcoin pulled back after failing to surpass the $100,000 milestone on Nov. 24, triggering one of the largest weekend crypto liquidation events in over six months.
Over the last 24 hours, more than $470 million worth of crypto positions were liquidated.
Long and short liquidations amounted to $352.6 million and $119.9 million, respectively, with altcoins contributing the majority of wiped positions, according to CoinGlass data.
A total of $472.5 million in long and short positions were liquidated as Bitcoin fell short of the $100,000 mark.
Bitcoin (BTC) and Ether (ETH) accounted for $108.9 million worth of liquidations combined.
Dogecoin (DOGE), XRP, and Stellar (XLM) followed with liquidations of $33.1 million, $27.6 million, and $21.6 million, respectively.
Other significant liquidations included Solana (SOL), Sandbox (SAND), Polkadot (DOT), and Cardano (ADA).
Across Nov. 23–24, several altcoins from the 2020–2021 cycle posted unexpected gains, with XLM surging by as much as 50%.
DOGE also reached its highest price since May 2021, the same month it hit its all-time high, according to CoinGecko data.
Industry analyst Miles Deutscher commented, “More traders from the last cycle are re-opening their crypto wallets for the first time in a while and re-investing in tokens they’re familiar with.”
Others suggest that utility tokens may be trading below fair value in a market where Bitcoin and memecoins have led the way.
Bitcoin is currently priced at $97,790, down 2% from its all-time high of $99,645 on Nov. 22, when it came close to breaking $100,000.
Since Nov. 5, when Republican Donald Trump won the U.S. presidential election, Bitcoin has rallied nearly 44%.
Bitcoin dominance now stands at 56.2% of the total crypto market cap, valued at $3.46 trillion, CoinGecko data shows.
Bitcoin approached a “pivotal low” on Nov. 24 as manipulative traders worked to keep the $100,000 milestone out of reach.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action moving closer to $97,000.
After struggling to break through sellers just below $100,000, BTC/USD experienced order book “spoofing” over the weekend.
This involved ask liquidity walls designed to push the market lower toward support.
“Ask liquidity moving lower with price $99.5K–$99K (ask walls). Fresh ask wall right above price here which likely was removed already ~ Spoofing on the ask,” explained Skew, a popular trader, in his latest analysis on X.
“This spoofing often in illiquid hours forces bots to sell, leading to lower prices.”
Bid liquidity was observed around $95,000, with $97,300 forming the “pivotal low” in recent days.
Skew added, “Will be looking for signs of passive buyers.”
Meanwhile, long-term holders realized record profits on Nov. 22 when Bitcoin hit its latest all-time high of $99,800.
Maartunn, an analyst at CryptoQuant, reported a daily realized profit of $443 million.
“Unrealized Profit levels are elevated, currently sitting at 57%,” Maartunn noted in a Nov. 23 post.
“This is approaching the March 2024 peak of 69%, signaling an increased probability of a price correction.”
Earlier reports suggested traders’ pullback targets for BTC include $90,000 and lower.
Analyst retains $175,000 BTC price target
Caleb Franzen, creator of Cubic Analytics, remains bullish despite current challenges.
In a Nov. 23 blog post, he reaffirmed his $175,000 BTC price target for 2025, stating that the Bitcoin bull market is “right on schedule.”
“Sure, we’re tracking towards my target… But Bitcoin still needs to gain +77% to get there,” Franzen wrote.
An accompanying chart compared this year’s bull market performance to previous cycles.
Global investment manager Van Eck has reiterated its $180,000 price target for Bitcoin at the peak of the current cycle.
In its latest Bitcoin report released on Nov. 21, Van Eck digital asset analysts Nathan Frankovitz and Matthew Sigel stated that the crypto bull market is “just beginning.”
They predicted that an increasingly favorable U.S. regulatory environment and rising institutional interest could propel Bitcoin (BTC) to $180,000 within 18 months.
The analysts, along with other market observers, pointed to Donald Trump’s election victory as a key catalyst behind Bitcoin’s recent surge to as high as $99,800 in the past 24 hours.
Currently, Bitcoin is trading at $98,500, just 1.5% away from breaking the $100,000 milestone, according to TradingView data.
High Funding Rates and Market Dynamics
Van Eck analysts noted that Bitcoin entered a “new phase” on Nov. 11, as funding rates on perpetual futures contracts exceeded 10%.
Elevated funding rates on BTC futures contracts. Source: Van Eck
“This shift points toward stronger short- to medium-term momentum, as historically, elevated funding rates have been linked to higher 30 to 90-day returns, reflecting heightened bullish sentiment and demand,” they explained.
However, the analysts cautioned that sustained elevated funding rates signal a transition to a less favorable environment for long-term returns.
“On average, purchases made on days when funding rates were above 10% began underperforming at the 180-day mark, with this trend becoming even more pronounced over 1-year and 2-year periods.”
Several analysts have expressed confidence in Bitcoin breaching $100,000, with some predicting it could occur within a week.
Others believe it will surpass the milestone by the end of the year, supported by current bullish market conditions.
The Washington, DC-based advocacy group Blockchain Association sent a letter to President-elect Donald Trump on Nov. 22, urging him to prioritize cryptocurrency and blockchain regulatory reform during his first 100 days in office.
The letter, shared on the Association’s website, outlines a five-point plan aimed at transforming federal oversight of the cryptocurrency and blockchain sectors to foster growth and innovation.
“For years, American crypto innovators have been targeted and, in some cases, driven offshore by a hostile regulatory regime,” the Association wrote, adding:
“Your arrival in Washington, D.C., has the potential to change that reality.”
Crypto Reform Plan
The Association’s five-point plan calls for a comprehensive overhaul of crypto regulations but does not address potential challenges such as congressional gridlock.
The first point emphasizes creating a framework for digital assets that fosters innovation while protecting consumers.
The group also urged the administration to end the current policy of “regulation by enforcement.”
The second and third recommendations include stopping the debanking of cryptocurrency businesses and appointing a new Securities and Exchange Commission (SEC) chair to “roll back SAB 121,” a staff bulletin perceived as anti-crypto.
The Association also called for leadership changes at the Treasury and IRS.
Recent reports suggest Trump is considering figures like former Federal Reserve Board member Kevin Warsh for Treasury Secretary.
If selected, Warsh could potentially transition to Federal Reserve Chair in 2026 when Jerome Powell’s term ends.
The final recommendation advocates for the establishment of a crypto advisory council to collaborate with Congress and federal agencies.
Reports indicate Trump’s team is already discussing forming an official White House role focused on cryptocurrency regulation.
This initiative highlights the growing importance of crypto in U.S. policy under the incoming administration.
Bitcoin remains on track to hit the $100,000 milestone despite concerns surrounding Friday’s near $2.7 billion options expiry, which raised fears of a potential correction below $85,000.
On Nov. 22 at 8:00 am UTC, over $2.67 billion worth of Bitcoin options contracts expired, with a “max pain” point of $85,000, as highlighted in a Nov. 21 post from Deribit exchange.
Bitcoin hit an all-time high of $99,523 at 7:30 am UTC, just 30 minutes before the options expiry, but subsequently dipped to $97,805, according to Cointelegraph data.
BTC/USD Performance
Despite the short-term pullback, the $2.6 billion options expiry is unlikely to significantly disrupt Bitcoin’s ongoing rally, according to Blake Player, head of growth at VALR.
He told Cointelegraph:
“Options expiring reflects a reduction in open interest and correspondingly leverage in the market. I don’t expect this to have a significant impact on price as those looking to stay long or short are able to purchase new options or take out positions elsewhere.”
Decreasing leverage may benefit Bitcoin’s continued rise.
Kris Marszalek, co-founder and CEO of Crypto.com, noted on Nov. 12 that deleveraging in the crypto market is essential before Bitcoin can breach $100,000.
Strong ETF Inflows Boost Optimism
Bitcoin’s march toward $100,000 is supported by record-breaking stablecoin inflows to crypto exchanges, which reached $9.7 billion on Nov. 22.
This reflects increasing market confidence in Bitcoin’s trajectory, particularly leading into 2025.
Ryan Lee, chief analyst at Bitget Research, predicts Bitcoin could surpass $100,000 by the end of November.
Additionally, more than $1 billion in inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) is further fueling the rally to new highs.
Bitcoin has made history with its largest monthly price increase ever, as it inches closer to a six-figure valuation for the first time.
In November, Bitcoin’s price surged by over 40.8%, reaching $99,000 and marking a record-breaking monthly candle, according to Bitstamp data.
This milestone comes just two weeks after Donald Trump’s victory in the 2024 U.S. presidential election on Nov. 5, which reignited investor interest in risk-on assets like Bitcoin.
Analysts are increasingly optimistic that Bitcoin will soon breach the $100,000 mark.
On Nov. 22, stablecoin inflows to crypto exchanges hit a record monthly high of $9.7 billion, signaling strong market confidence in Bitcoin’s price trajectory as 2025 approaches.
November’s Bullish Momentum
November, historically Bitcoin’s most bullish month, has delivered average returns of over 46%, according to CoinGlass data.
With eight days remaining in the month, Bitcoin could see further gains.
Investor sentiment also reflects growing optimism.
The Crypto Fear & Greed Index rose to 88, indicating “extreme greed,” up from 85 last week, per CoinMarketCap data.
However, past instances of high greed scores have preceded market corrections.
For example, when the index hit 80 in April 2024, Bitcoin dropped 18% over three weeks, from above $69,135 to a low near $56,500.
Bitcoin as a Hedge Against Inflation
The anticipated move to $100,000 is fueled by Bitcoin’s utility as a hedge against inflation, explained Marcin Kazmierczak, co-founder of RedStone.
“Buying Bitcoin as a hedge against inflation makes fundamental sense, since BTC as an asset has 0% inflation thanks to stiff supply,” Kazmierczak stated, emphasizing its value compared to gold.
Despite the bullish outlook, industry leaders like Crypto.com CEO Kris Marszalek caution that market deleveraging may be necessary before Bitcoin surpasses $100,000.
The path to six figures may not be without volatility, but optimism remains high as Bitcoin’s utility and market momentum continue to grow.
MicroStrategy has successfully completed a $3 billion offering of 0% convertible senior notes due in December 2029, with plans to use some or all of the proceeds to purchase more Bitcoin.
The company announced this milestone as its shares experienced a 25% retracement on Nov. 21, according to Google Finance data.
The convertible senior notes carry a 55% premium with an implied strike price of around $672, which is the predetermined price at which holders can buy or sell MicroStrategy’s Class A common stock.
These notes, sold at a discount, will mature to their face value if not converted before the due date.
They also hold seniority over common stock, giving priority to bondholders in case of bankruptcy or liquidation.
If MicroStrategy allocates the entire $3 billion toward Bitcoin purchases, it could acquire approximately 30,600 BTC.
This offering follows a Nov. 18 announcement of a $1.75 billion raise, later increased to $2.6 billion on Nov. 20.
These efforts are part of the company’s ambitious “21/21” plan to raise $42 billion—split evenly between equity and fixed-income securities—to accumulate more Bitcoin.
Currently, MicroStrategy holds 331,200 BTC, valued at over $32.7 billion, making it the largest Bitcoin holder among publicly traded companies, according to Saylor Tracker.
Market Reaction and Performance
MicroStrategy shares (MSTR) dropped over 25%, from $536.7 to $397.28, by market close on Nov. 21.
Despite the decline, MSTR remains one of the top-performing U.S. stocks in 2024, boasting a 480% year-to-date increase.
On Nov. 20, MSTR was the second-most traded stock in the U.S., as investors evaluated its Bitcoin exposure.
Michael Saylor’s firm also contributed to a record $70 billion trading volume on Nov. 21, involving Bitcoin ETFs and Bitcoin-related stocks like Coinbase (COIN).
Bitcoin is currently priced at $98,423, just 1.5% shy of the $100,000 milestone, according to CoinGecko data.
A draft regulatory framework for crypto assets will be finalized in the United Kingdom early next year, according to a statement from a Treasury official at City & Financial Global’s Tokenisation Summit in London on Nov. 21.
Initial plans to release regulations last summer were disrupted by a general election that brought an end to the Conservative government of former Prime Minister Rishi Sunak.
The Labour government, led by Prime Minister Keir Starmer since July 5, 2024, will now present the long-awaited regulations.
A comprehensive framework
Economic Secretary to the Treasury Tulip Siddiq announced that the regulations would address stablecoins, staking services, and cryptocurrencies.
“Doing everything in a single phase is simpler, and it just makes more sense,” Siddiq stated, according to Bloomberg.
Siddiq explained that stablecoins are not well-suited for existing payment services regulations, which necessitates tailored legislation.
While stablecoin laws have been under discussion since October 2023, they were never expected to materialize before 2025.
The crypto industry is also hopeful that staking services will avoid being classified as a “collective investment scheme,” which would impose stricter restrictions.
“For me, it doesn’t make sense for staking services to have this treatment. The government intends to proceed with removing this legal uncertainty accordingly,” Siddiq added.
The UK’s crypto dilemma
The former Conservative government had aimed to position the UK as a cryptocurrency hub.
However, the country has often been seen as having a challenging regulatory environment, with the Financial Conduct Authority (FCA) frequently criticized for its stance.
Meanwhile, the European Union’s Markets in Crypto-Assets (MiCA) regulations are set to take full effect by the end of the year, providing regulatory clarity that contrasts with the UK’s delays.
Although Labour proposed a bill in September to define NFTs, cryptocurrencies, and carbon credits as property, substantial crypto regulation remains pending.
Bitcoin advocate and MicroStrategy Chairman Michael Saylor has confirmed plans to make a three-minute presentation to Microsoft’s board of directors on the potential benefits of investing in Bitcoin.
“The activist that put that proposal together contacted me to present to the board, and I agreed to provide a three-minute presentation — that’s all you’re allowed — and I’m going to present it to the board of directors,” Saylor stated during a Nov. 19 X Spaces session hosted by VanEck.
Previously, Saylor had proposed a private meeting with Microsoft CEO Satya Nadella to discuss Bitcoin, but the offer was declined. “So you will see me putting together the three-minute proposal for Microsoft […], and we’ll send it to the board,” he added.
Microsoft announced in October that its December agenda includes a shareholder vote on whether the company should assess investing in Bitcoin.
The proposal, introduced by the National Center for Public Policy Research (NCPPR), noted MicroStrategy’s Bitcoin investment strategy and highlighted that its stock has outperformed Microsoft by over 300% this year despite having a smaller business footprint.
Saylor advocated for similar discussions across other major corporations, saying, “It ought to be put on the agenda of Berkshire Hathaway and Apple and Google and Meta because they all have huge hordes of cash, and they’re all burning shareholder value.”
He argued that integrating Bitcoin into Microsoft’s enterprise value would provide greater stability. “It would be a lot more stable stock and a much less risky stock if half of the enterprise value of the stock was based upon tangible assets or property like Bitcoin,” he explained.
The shareholder vote is scheduled for Dec. 10, though Microsoft’s board has advised voting against the proposal, citing their ongoing evaluation of various investable assets, including Bitcoin.
Ethan Peck, deputy director of NCPPR’s Free Enterprise Project, pointed out that conducting the assessment and deciding against Bitcoin could place Microsoft in a challenging position.
The board currently includes 12 members, such as Nadella and executives from Disney, Citigroup, and Wells Fargo.
Bitcoin maintained pressure near $94,000 as the U.S. trading session opened on Nov. 20, with buyers continuing to scoop up dips.
BTC price surges to record highs
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rebounded from $91,500 lows, pushing toward a new all-time high of $94,374 on Bitstamp.
Trader Skew highlighted shifting liquidity conditions on exchange order books, noting spot and perpetual market bidding. “Someone got fomo?” he asked on X while sharing order book data.
CrypNuevo, another trader, predicted the mid-$90,000 range would act as a resistance zone before a pullback. “Not expecting to break $100k in the first attempt, so looking for a reversal from mid-high $90ks, around $96k zone. Then, focus on the next buying opportunities during the pullback,” he shared with followers.
Dormant coins show activity
Caution emerged from on-chain data by CryptoQuant, which pointed to long-term holders selling at these levels.
“Market tops often occur when long-held Bitcoin is reactivated,” the firm explained, referencing the Coin Days Destroyed metric. The metric, already nearing classic top levels, could signal an imminent peak if it spikes above 15–20 million.
Bitcoin ETF options add bullish momentum
Optimism grew after options trading launched for BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund.
The first day saw significant activity, with industry expert Joe Consorti noting bets on BTC/USD surpassing $100,000 by year’s end.
Filbfilb, co-founder of DecenTrader, remarked on the ETF’s long-term impact: “Short-term impact: More volatility and speculative price swings. Long-term impact: Cemented Bitcoin’s status as a key hedge in diversified portfolios.”
QCP Capital echoed these sentiments, calling the launch a milestone for Bitcoin’s institutional adoption. “This market response is likely to attract new investor cohorts and enable diversified trading strategies, reducing volatility and downside risk,” it said in a Telegram update.