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Bitcoin Slides Near $94K, But Short-Term Bullish Target of $100K BTC Unchanged

Published

6 месяцев ago

26 ноября, 2024

A bitcoin (BTC)-led crypto market correction continued into its third day as the asset lost a further 3.5% in the past 24 hours, nearing $94,000 a week after it came within touching distance of the landmark $100,000 level for the first time.

BTC has pared weekly gains from over 10% to just 3% amid profit-taking on the expected pullback. Major tokens have followed the tumble, data shows, with Solana’s SOL, BNB, Cardano’s ADA and dogecoin (DOGE) falling as much as 7% in the past 24 hours.

The broad-based CoinDesk 20 (CD20), a liquid index tracking the biggest tokens by market capitalization, minus stablecoins, is down nearly 3%.

As such, a short-term target of $100,000 per BTC remains unchanged, with analysts viewing a correction of as much as 10% from the peak (or as low as $92,000) as a “natural phenomenon.”

“This correction occurred due to leverage overheating, as open interest and estimated leverage ratio reached annual highs,” CryptoQuant independent analyst MAC_D said in a Tuesday note. “Therefore, a 10-20% correction can be seen as a natural phenomenon.”

“From an on-chain perspective, cycle metrics such as MVRV, NUPL, and Puell Multiple still indicate that Bitcoin is in a bull market with upward potential. The key here is to identify major accumulation periods during corrections, with the ‘Short-Term SOPR’ metric being particularly useful,” MAC_D added.

The Short-Term SOPR (Spent Output Profit Ratio) looks at whether people who have owned bitcoin for a short time are making or losing money when they sell. CryptoQuant defines short-term holders as those who have held BTC for over 1 hour but less than 155 days.

If the SOPR value is over 1, these holders are thought to be selling their bitcoin for more than they paid (making a profit). If it’s below 1, they’re selling for less (taking a loss). The SOPR value reached 1.096 last week, showing that short-term holders made money and were inclined to sell — contributing to the current weakness in BTC.

However, bitcoin tends to bounce back when short-term holders sell at a loss. And some say this creates a buying opportunity for traders at current levels to reach a potential target of $100,000 and above in the coming weeks.

“The record inflow of stablecoin capital into Binance indicates that we are likely in the midst of, but not near, the end of the current bull market,” Ruslan Lienkha, chief of markets at YouHodler, told CoinDesk in an email. “Bitcoin is undergoing a corrective phase, likely driven by profit-taking, which may result in the price consolidating before a potential move toward the key psychological level of $100,000.”

It’s a ride that some expect to be packed with market volatility.

“It’s going to be extremely choppy markets for crypto in the near future with BTC technicals flashing extremely overbought levels, against an ‘animal spirit’ charged public that’s developing a FOMO appetite for the asset class,” shared Augustine Fan, head of insights at SOFA, in a Telegram message Tuesday.

“We can see a further squeeze on BTC prices to the 120k to 130k area if markets manage to break the 100k wall, but are less sanguine on a smooth ride up with asset markets being overbought across the board,” Fan added.

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True Markets Raises $11M in Series A, Launches Mobile-First DeFi Trading App on Solana

Published

2 часа ago

20 мая, 2025

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True Markets, a new decentralized finance (DeFi) trading platform focused on stablecoin-native execution, has launched its mobile app on Solana and closed an $11 million Series A, bringing total funding to $20 million, the company said in a press release Tuesday.

The funding round was co-led by Accomplice and RRE Ventures, with participation from Reciprocal Ventures, Variant Fund, and PayPal Ventures.

Seed investors Paxos Ventures and the Solana Foundation, continue to support the firm, True Markets said.

Founded by Coinbase (COIN) and Circle veterans Vishal Gupta and Patrick McCreary, New York-based True Markets aims to deliver a non-custodial, mobile-first DeFi trading experience for retail users, prioritizing speed, simplicity, and transparency.

The app enables stablecoin-powered token trading on Solana, with gasless execution, smart order routing, and embedded key management via Turnkey, all without users surrendering custody of funds, True Markets said.

“Retail traders have been stuck with clunky workflows, unclear pricing, and fragmented liquidity,» said Vishal Gupta, CEO of True Markets, in the release.

«Our goal is to deliver a fairer and more transparent experience that makes asset discovery simple, shows real-time market momentum, and feels as intuitive as the best apps on your phone,» Gupta added.

Backed by infrastructure partners Turnkey and Definitive, the app features real-time market sparklines, automated execution across decentralized venues, and hosted wallets that support immediate funding and trading within a non-custodial framework.

True Markets said it plans to expand into both CeFi and DeFi markets, with future integrations including TrueX, a centralized exchange designed for institutional liquidity and qualified custody.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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CoinDesk 20 Performance Update: Litecoin (LTC) Drops 6.1%, Leading Index Lower

Published

3 часа ago

20 мая, 2025

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CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 3147.53, down 0.7% (-22.88) since 4 p.m. ET on Monday.

Four of 20 assets are trading higher.

9am CoinDesk 20 Update for 2025-05-20: full chart

Leaders: AAVE (+9.8%) and HBAR (+0.7%).

Laggards: LTC (-6.1%) and FIL (-2.9%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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KULR Boosts Bitcoin Treasury to 800 BTC With $9M Purchase

Published

3 часа ago

20 мая, 2025

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Energy management firm KULR (KULR) has expanded its bitcoin treasury to more than 800 tokens, with the purchase an additional $9 million worth of BTC.

The latest acquisition — made at an average price of $103,234 each — brings the total amount KULR has spent on the cryptocurrency to $78 million.

This continues the company’s treasury strategy first announced in December last year, under which it committed to holding up to 90% of its surplus cash reserves in bitcoin.

The Houston-based firm, which develops energy storage systems for aerospace and defense, is measuring the success of this pivot using a BTC Yield metric.

That metric tracks the growth in the ratio of bitcoin holdings to the number of shares outstanding, rather than actual dollar returns or revenue. So far in 2025, KULR says that ratio has jumped by 220, according to this morning’s press release.

KULR’s shares are up 3.15% in pre-market trading at $1.3.