The cryptocurrency market is bustling with developments this week, particularly around Bitcoin and Solana. Many traders are speculating whether Bitcoin will pull back to the coveted $90,000 mark, following its recent struggles to hold the $100k threshold.
Bitcoin (BTC), currently priced at $98,877, encountered significant resistance that halted its ascent towards the six-figure milestone. On November 22, a hefty sell wall of approximately $300 million emerged, creating a bottleneck that prevents upward movement. As the market reacts to this resistance, traders like Crypto Chase suggest that a retreat to $90,000 could embody “healthy price action” necessary for subsequent gains. Another trader proposes that the mid-$90,000 range could act as a soft landing for Bitcoin.
Meanwhile, Solana is making headlines with a surge in ETF (exchange-traded fund) filings. On November 21, the Cboe BZX Exchange submitted four crucial 19b-4 filings by asset managers aiming to list spot Solana ETFs. This ambitious move coincided with the announcement of SEC Chair Gary Gensler’s impending resignation in January 2025, a change many in the crypto community are optimistic about. Should these ETFs gain approval, it could pave the way for institutional investment in Solana.
From another angle, the FTX bankruptcy saga continues to unfold, with timelines for creditor reimbursements being pushed back to March 2025. As customers await the return of their funds, bankruptcy restructuring expert John J. Ray III has expressed commitment to maximizing recoveries.
The week wraps up with a broader market cap at approximately $3.31 trillion, presenting a mixed bag of winners and losers. Stellar (XLM) leads the altcoin gainers with a whopping 137.21% increase, followed by Hedera (HBAR) and Mantra (OM). In contrast, Peanut the Squirrel (PNUT) saw a staggering loss of 35.62%—a reminder of the volatility that defines this market.
As we look ahead, all eyes are on Bitcoin’s potential trajectory. Is a return to $90K imminent, or will the bulls break through the $100K resistance? Only time will tell, but one thing is for certain: the cryptocurrency landscape continues to shift dramatically, leaving traders and investors watching closely for opportunities.