Crypto Week Ahead: Bitcoin Continues Super Bull Run With Eyes Set On $100k

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $99,605.02.

Bitcoin (BTC), despite continuing bull run, led to a crypto liquidation of $470 million in just 24 hours, leaving an impact on several altcoins, including the likes of Dogecoin (DOGE) and Ripple (XRP). However, at the time of writing, BTC still sits comfortably within the $98,000 range as it continues to reap the benefits of the ‘Trump Bump’. It remains to be seen when it finally manages to cross the $100,000 mark. In the last 7 days, BTC did cross the $99,600 mark. So, let’s see if it manages to break through.

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. 

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any calls. 

Crypto Prices Over The Past Week

Last Monday (November 18), the overall crypto market cap stood at $3.09 trillion. BTC price stood at around $91,732.01. ETH price stood at around $3,175.17.

A week later, the overall market cap rose to a whopping $3.09 trillion.

DeFi's total volume stands at $14.63 billion, at 7.32 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $178.85 billion, at 89.48 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Extreme Greed’ with 87 points (out of 100).

BTC dominance, at the time of writing, stood at 57.88 percent.

Over the past seven days, Bitcoin achieved a high of $99,605.02 (on November 23) and a low of $89.501.94 (November 18).

Ethereum, on the other hand, saw a high of $3,490.37 (November 23) and a low of $3,038.82 (November 21).

Crypto Events To Note

Bitcoin's price trajectory took a bearish turn, with the cryptocurrency inching closer to the $97,000 mark, according to data from market trackers. The weekend saw Bitcoin fail to surmount resistance just below the $100,000 level, as a resurgence of strategic trading activity, including "order book spoofing," returned to exchanges. 

This tactic, involving the placement of sizable sell orders to influence market sentiment, appeared to nudge prices toward underlying support zones. The developments underscore ongoing challenges for Bitcoin in maintaining upward momentum amid complex market dynamics.

Additionally, the United States Securities and Exchange Commission (SEC) achieved an unprecedented milestone in financial penalties for the fiscal year 2024, collecting $8.2 billion in total remedies. This marks the highest figure ever recorded by the agency, according to its annual report released on November 22.

Despite a 26 percent drop in enforcement cases—falling to 583 from the previous year's count—this record-breaking sum was largely attributed to a landmark settlement with Terraform Labs and its former CEO, Do Kwon. The blockchain firm's collapse in 2022, which triggered massive financial losses, led to a $4.47 billion settlement after the SEC secured a court victory, holding the company and its leader accountable for fraudulent activities.

Lastly, Hong Kong-based ZA Bank, the region’s largest virtual financial institution, has introduced a new feature enabling retail customers to trade Bitcoin and Ethereum directly with fiat currency.

In a statement released on Nov. 25, the bank outlined that the service is accessible to Hong Kong residents who hold a ZA Bank account and complete a mandatory risk assessment. The platform, integrated with the bank’s app, provides a streamlined way to engage with cryptocurrency. 

Currently, the offering is limited to Bitcoin (BTC) and Ethereum (ETH), with no mention of support for additional digital assets.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "After a strong rally aiming for the $100K milestone, Bitcoin has entered a consolidation phase, dipping to $95,700 over the weekend. This correction triggered $470 million in crypto liquidations in just 24 hours, with altcoins like XRP, Dogecoin, and Stellar being most impacted. Despite the pullback, Bitcoin’s momentum remains strong with the Fear-Greed Index at 'Extreme Greed'. The crypto community is currently waiting for one more positive catalyst to see the next leg of the rally towards the six-figure milestone.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.