Bitcoin (BTC) saw early-week gains erased at the Nov. 18 Wall Street open as a liquidity hunt targeted late long positions.
BTC price reacts to MicroStrategy’s major purchase
Data from Cointelegraph Markets Pro and TradingView showed a 3% drop in BTC price, pushing BTC/USD below its weekly close.
This weekly close had been Bitcoin’s highest ever, but news of MicroStrategy acquiring $4.6 billion in BTC over the past week seemed to dampen sentiment.
“Usually we get a short-term dump on Saylor’s buy announcements as it explains a lot of the buying that was done,” trader Daan Crypto Trades commented on X.
BTC/USD had reached a new all-time high near $93,500 on Nov. 13, before volatility took over, with intraday lows dipping below $87,000.
“Nothing changed with BTC,” stated trader Josh Rager.
“Bitcoin is just ranging and is very healthy after a 40% move up in just over a week. In the meantime, let altcoins/memecoins fly and find price discovery. Current market win-win for the entire crypto industry.”
Traders eye deeper retracement opportunities
Some analysts speculated on a more significant BTC price retracement, with dip-buying targets extending toward $70,000.
“Bitcoin dips are still ready to be bought,” said trader Michaël van de Poppe.
“I think we’ll see a substantial dip across markets in the coming 1-2 weeks, but for now, enjoy the upward ride.”
Opportunists struggle as support is retested
As Bitcoin dipped below $90,000, liquidity shifted, with short positions increasing.
“A lot of shorts just opened here into price & still chasing ~2K+ BTC in shorts. Some minor long capitulation as well on that move,” noted trader Skew.
Data from CoinGlass indicated 24-hour BTC-long liquidations stood at approximately $35 million at the time of writing.
Ethereum’s native token, Ether (ETH), recently fell below its longest-standing support level against Bitcoin (BTC), prompting top analysts to suggest it is “dying a slow death.”
Ether breaks key support level
The ETH/BTC pair has slipped below the ascending trendline support that has marked market bottoms since 2016.
This trendline previously triggered notable rebounds, including a 300% rise between December 2020 and December 2021 and an 1,800% surge between January 2017 and May 2017.
However, in November 2024, Ethereum bulls failed to hold the support, with ETH/BTC dropping about 15% below it amid increased trading volumes.
In technical analysis, losing a major support level—especially with rising trading activity—signals strong selling pressure, indicating ETH/BTC may face further declines.
“Ethereum is dying a slow death,” commented Tuur Demeester, founder of Bitcoin hedge fund Adamant Capital.
Market factors favor Bitcoin
In 2024, ETH/BTC underperformed primarily due to the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S., which overshadowed Ethereum’s own spot ETF performance.
Additionally, Bitcoin’s fourth halving in April 2024 enhanced its appeal among both retail and institutional investors, leading to a capital shift away from Ethereum and into Bitcoin.
Ethereum also faced stiff competition from Solana (SOL), a rising smart contract platform.
Since December 2022, the SOL/ETH pair has surged over 925%, further eroding Ethereum’s market position.
Declining dominance
Ethereum also missed key narratives, such as Donald Trump’s election campaign hinting at making Bitcoin a U.S. strategic reserve asset, with no mention of Ethereum.
These combined factors have contributed to a significant decline in Ethereum’s market dominance (ETH.D), which is now at its lowest level since April 2021.
Bitcoin (BTC) faces potential “short-term issues” on its path to reaching six figures, including a possible correction to around $70,000.
In a Quicktake market update on Nov. 16, on-chain analytics platform CryptoQuant suggested that BTC price action could experience some “healthy cooling.”
BTC price analysis highlights possible correction
Bitcoin has been trading near $90,000, with week-to-date gains nearing 13% as the weekly close approaches.
CryptoQuant contributor BaroVirtual suggested that BTC/USD might enter a consolidation phase, with a potential downside target of just above $70,000.
The analysis centers on two moving average (MA) trend lines, which are now approximately 20% apart.
“The position of the price chasers (7d and 30d MAs) indicates that we are seeing intense, healthy buying pressure on Bitcoin, which is a very positive signal,” the update noted.
“The issue is that the gap between the fast and slow chasers is 19%, and this, in turn, leads to two possible scenarios:
1) Bitcoin takes a sideways position in the $87,000-$93,000 range for some time and then continues its upward movement to the $104,000-$120,000 range.
2) Bitcoin corrects downwards to the $71,000-$77,000 range, experiences intermediate healthy cooling, and then resumes its local upward trend.”
Whales keep accumulating
As Cointelegraph previously reported, the idea that Bitcoin’s bull run may pause before reaching $100,000 is not new.
Some analysts anticipate a retest of recent support levels, while others suggest a bearish pullback to $50,000 or lower.
CryptoQuant data, however, shows strong investor confidence.
Contributor Darkfost noted, “Even with BTC around $90k, [whales] haven’t stopped accumulating, and most are holding, which is a sign of confidence in the market.”
This accumulation trend suggests sustained optimism despite potential short-term price fluctuations.
The United States Commodity Futures Trading Commission (CFTC) has issued a notice, paving the way for spot Bitcoin exchange-traded fund (ETF) options.
Analysts believe these products could be listed soon.
“Ball now in OCC’s court, and they are into it, so they’ll prob list very soon,” ETF analyst Eric Balchunas commented in a Nov. 15 post on X (formerly Twitter).
CFTC’s position on Bitcoin ETF options
“Here. We. Go,” added ETF analyst James Seyffart.
The CFTC’s Nov. 16 statement clarified the Division of Clearing and Risk’s (DCR’s) position, stating that the agency has no further role in clearing these options.
“These ETF options are cleared and settled by the Options Clearing Corporation as the sole issuer of all equity options,” the statement said.
The CFTC emphasized that the listing of spot Bitcoin ETF options “does not implicate” its jurisdiction.
Optimism for Bitcoin price impact
Crypto executives are optimistic about the potential impact on Bitcoin’s price.
Nick Forster, founder of Derive, highlighted the influence options trading could have, pointing to SoftBank’s past actions.
“SoftBank literally pumped the Nasdaq in 2020/2021 by yeeting options in multiple multi-hundred-billion dollar names,” Forster wrote.
“When someone tries to do that with fixed supply BTC… look out,” he added.
Approvals and timelines
Balchunas noted that CFTC clearance marked “the second hurdle” for Bitcoin ETF options, following prior approval from the Securities and Exchange Commission (SEC).
Bitwise Invest’s Head of Alpha Strategies, Jeff Park, said, “Bitcoin ETF options are sooner than you think,” but cautioned that while the OCC is expected to act quickly, year-end approval remains uncertain.
“I wouldn’t short the odd,” Park remarked.
Bitcoin commentator British Hodl suggested Q1 2025 as the likely timeframe.
The SEC had previously approved applications from the New York Stock Exchange and the Chicago Board Options Exchange on Oct. 18 to list these long-awaited options.
Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, has accused U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler of causing irreversible damage to the crypto industry.
“Let’s all be clear on one thing. Gary Gensler is evil,” Winklevoss stated in a Nov. 15 post on X.
“He should never again have a position of influence, power, or consequence,” he added.
Winklevoss’ remarks align with growing speculation that Gensler may resign following Donald Trump’s victory in the U.S. presidential election on Nov. 5.
Winklevoss: Gensler’s actions are deliberate
Winklevoss claimed that Gensler’s actions could not be dismissed as “good faith mistakes.”
Instead, he argued they were “entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost.”
During Gensler’s tenure, major crypto firms, including Binance, Coinbase, and Ripple, have faced intense legal scrutiny from the SEC.
Winklevoss accused Gensler of adopting a regulation-by-enforcement approach, disregarding the broader impact on the industry.
“Even if this meant nuking an industry, tens of thousands of jobs, people’s livelihoods, billions of invested capital, and more, ironically, his sociopathic ambition ended up torching his own political party,” Winklevoss stated.
Consensys CEO Joseph Lubin echoed similar concerns, describing the SEC’s actions as part of a “gas-lit world.”
Growing backlash against Gensler
Criticism of Gensler continues to intensify.
MicroStrategy founder Michael Saylor noted that whoever succeeds Gensler will hold the “most pivotal role” in shaping the crypto industry.
On Nov. 7, Reuters reported that Robinhood legal chief Dan Gallagher is a leading contender to replace Gensler under Trump’s administration.
In another development, 18 U.S. states, including Texas, Ohio, and Wyoming, filed a lawsuit on Nov. 14 against Gensler and the SEC, accusing the agency of “gross government overreach” against the crypto sector.
The United States Commodity Futures Trading Commission (CFTC) has issued a notice, paving the way for spot Bitcoin exchange-traded fund (ETF) options.
Analysts believe these products could be listed soon.
“Ball now in OCC’s court, and they are into it, so they’ll prob list very soon,” ETF analyst Eric Balchunas commented in a Nov. 15 post on X (formerly Twitter).
CFTC’s position on Bitcoin ETF options
“Here. We. Go,” added ETF analyst James Seyffart.
The CFTC’s Nov. 16 statement clarified the Division of Clearing and Risk’s (DCR’s) position, stating that the agency has no further role in clearing these options.
“These ETF options are cleared and settled by the Options Clearing Corporation as the sole issuer of all equity options,” the statement said.
The CFTC emphasized that the listing of spot Bitcoin ETF options “does not implicate” its jurisdiction.
Optimism for Bitcoin price impact
Crypto executives are optimistic about the potential impact on Bitcoin’s price.
Nick Forster, founder of Derive, highlighted the influence options trading could have, pointing to SoftBank’s past actions.
“SoftBank literally pumped the Nasdaq in 2020/2021 by yeeting options in multiple multi-hundred-billion dollar names,” Forster wrote.
“When someone tries to do that with fixed supply BTC… look out,” he added.
Approvals and timelines
Balchunas noted that CFTC clearance marked “the second hurdle” for Bitcoin ETF options, following prior approval from the Securities and Exchange Commission (SEC).
Bitwise Invest’s Head of Alpha Strategies, Jeff Park, said, “Bitcoin ETF options are sooner than you think,” but cautioned that while the OCC is expected to act quickly, year-end approval remains uncertain.
“I wouldn’t short the odd,” Park remarked.
Bitcoin commentator British Hodl suggested Q1 2025 as the likely timeframe.
The SEC had previously approved applications from the New York Stock Exchange and the Chicago Board Options Exchange on Oct. 18 to list these long-awaited options.
U.S. President-elect Donald Trump has nominated Representative Matt Gaetz for Attorney General, announced on Nov. 13.
Following this, Gaetz stated he would resign from Congress “effective immediately,” ending his role in the House of Representatives.
This decision halts an ongoing House Ethics Committee investigation into allegations against Gaetz, initiated in 2021, which looked into claims of sexual misconduct and drug use.
Gaetz has previously shown interest in crypto policy.
On June 25, he introduced a bill mandating the Internal Revenue Service to accept Bitcoin payments for federal income taxes, a move inspired by his visit to El Salvador during President Nayib Bukele’s inauguration.
Gaetz claimed he aimed to “modernize” the U.S. tax system with this proposal.
Trump’s selection of Gaetz could influence the cryptocurrency industry, as Gaetz is expected to advocate for regulations that balance innovation in digital assets with appropriate oversight.
In a Nov. 13 post on X, Trump expressed his support for Gaetz’s congressional efforts, particularly regarding “desperately needed reform at the Department of Justice.”
Representing Florida’s 1st Congressional District, Gaetz has been an active member of the House Judiciary Committee, focusing on oversight of federal agencies, especially the DOJ.
As Attorney General, Gaetz is anticipated to tackle what he and other conservatives see as “government weaponization” within federal institutions, a topic he has previously highlighted.
The body of Kevin Mirshahi, a well-known crypto influencer who was abducted from a Montreal condo in June, has been found in a Montreal park, as reported by local media.
Mirshahi’s decomposing remains were discovered by a passerby at Île-de-la-Visitation park on Oct. 30, according to Montreal police, who spoke with The Gazette, a Montreal news outlet.
An autopsy later confirmed the identity of the body as Mirshahi, The Gazette reported on Nov. 13.
Mirshahi, 25, was last seen on June 21 when he, along with three others, was forcibly taken from a condo in Montreal.
While the three other abductees managed to escape, Mirshahi did not.
This incident highlights a troubling pattern of abductions and murders involving crypto executives and influencers, often motivated by attempts to extort or recover large sums of money.
In a similar case, Canadian crypto company WonderFi’s CEO, Dean Skurka, was reportedly kidnapped last week and forced to pay a $1 million ransom for his release.
The investigation into Mirshahi’s death is ongoing.
In August, police arrested a 32-year-old woman named Joanie Lepage, who has since been charged with first-degree murder in connection with Mirshahi’s death.
Mirshahi was known within the Montreal crypto community, previously running a private crypto investment firm called Crypto Paradise Island.
Although it’s unclear if Lepage had invested in this firm, one X user, “Bibi,” alleged he had been scammed by Mirshahi, while others made similar accusations.
Québec’s investment regulator, the Autorité des Marchés Financiers, had previously banned Mirshahi from acting as a broker or investment adviser in 2021 and prohibited him from posting related content on social media.
The regulator extended this ban on July 4, about two weeks after his abduction.
This case joins other international incidents, including the kidnapping and murder of a Bitcoiner in Ukraine in July, and a separate August case where six Malaysians were charged with kidnapping a Chinese national and demanding a $1 million ransom in Tether.
U.S. President-elect Donald Trump has nominated Representative Matt Gaetz for Attorney General, announced on Nov. 13.
Following this, Gaetz stated he would resign from Congress “effective immediately,” ending his role in the House of Representatives.
This decision halts an ongoing House Ethics Committee investigation into allegations against Gaetz, initiated in 2021, which looked into claims of sexual misconduct and drug use.
Gaetz has previously shown interest in crypto policy.
On June 25, he introduced a bill mandating the Internal Revenue Service to accept Bitcoin payments for federal income taxes, a move inspired by his visit to El Salvador during President Nayib Bukele’s inauguration.
Gaetz claimed he aimed to “modernize” the U.S. tax system with this proposal.
Trump’s selection of Gaetz could influence the cryptocurrency industry, as Gaetz is expected to advocate for regulations that balance innovation in digital assets with appropriate oversight.
In a Nov. 13 post on X, Trump expressed his support for Gaetz’s congressional efforts, particularly regarding “desperately needed reform at the Department of Justice.”
Representing Florida’s 1st Congressional District, Gaetz has been an active member of the House Judiciary Committee, focusing on oversight of federal agencies, especially the DOJ.
As Attorney General, Gaetz is anticipated to tackle what he and other conservatives see as “government weaponization” within federal institutions, a topic he has previously highlighted.
Analysts predict Bitcoin’s highly anticipated $100,000 all-time high could arrive in November, driven by historical chart trends and rising demand since the recent U.S. election.
Bitcoin reached a new record high of $90,000 on Nov. 13, just over a week after Donald Trump’s 2024 presidential election win.
With a more than 100% rally year-to-date, Bitcoin has outperformed most traditional financial assets, noted Ryan Lee, chief analyst at Bitget Research.
Lee pointed out that November historically yields the highest returns for Bitcoin, suggesting BTC could hit $100,000 before the month’s end.
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% increase from the current price level will push the coin well above the $100,000 target for the month. The post-halving cycle trend is also very positive when projecting the future of Bitcoin,” Lee explained to Cointelegraph.
CoinGlass data indicates Bitcoin is already up over 20% this month, with November typically bringing in over 44% average monthly returns.
Bitcoin’s strong performance comes after the best weekly return since the March 2023 U.S. banking crisis, with BTC surging past $90,000.
Other analysts, including those from Bitfinex, remain bullish on Bitcoin’s price path into 2025.
They believe Trump’s victory could accelerate crypto adoption in the U.S., setting Bitcoin on course for $100,000 in the coming months.
“Predicting the price is a difficult bet, but we expect Bitcoin to have limited downside now given the bullish impetus. A target of $100,000 in a few months doesn’t seem too far-fetched,” Bitfinex analysts told Cointelegraph.
Key drivers include anticipated U.S. interest rate cuts and Bitcoin’s decreased supply after the 2024 halving, according to Bitfinex analysts.
Despite optimism, Crypto.com CEO Kris Marszalek cautioned that the market may need deleveraging, as current leveraged trading positions have reached potentially unsustainable levels.