Drop to $93,000 and $1.1 Billion in Liquidations
Bitcoin briefly dropped to $93,000 after breaking the $100,000 level and settled at $96,500, a 2% drop in 24 hours. More than $1.1 billion worth of crypto liquidations were recorded, $815 million of which came from long positions. Analysts are describing the drop as a “leverage cleanse,” where major players trigger stop-losses and liquidations by overleveraged retail investors. While Bitcoin experienced a sharp correction, other cryptocurrencies like Ethereum and Solana showed resilience, suggesting broader market stability. This event reset overheated funding rates, potentially paving the way for a recovery.
Trump Makes Major Appointment for Crypto and Artificial Intelligence
US President-elect Donald Trump has appointed Yammer founder and former PayPal COO David O. Sacks as the “White House Chief of Artificial Intelligence and Crypto.” Sacks will develop policies aimed at increasing U.S. competitiveness in artificial intelligence and cryptocurrencies and creating a clearer legal framework for the crypto sector. He will also lead the President’s Council of Advisors on Science and Technology. Trump’s appointment of pro-crypto figures like Paul Atkins to head the SEC suggests that the incoming administration will shift to crypto-friendly policies.
Historic Inflows into Spot Ethereum ETFs: $431.5 Million in a Single Day
Spot Ethereum ETFs in the US recorded a historic daily inflow of $431.5 million on December 5, marking the ninth consecutive day of positive inflows and bringing the two-week total to over $1.3 billion. BlackRock’s iShares Ethereum Trust led the way with inflows of $295.7 million, while Fidelity’s Ethereum Fund saw outflows of $113.6 million and Grayscale’s Ethereum Trust saw outflows of $15.1 million. This increase parallels the Ethereum price’s 16% rise in the past two weeks, reaching an eight-month peak of $3,946. Analysts expect Ether’s strength against Bitcoin (ETH/BTC ratio) to increase further in the next 6 to 12 months.
$36.2 Billion Peak and TRX’s Rise
Tron (TRX) reached a new peak of $36.2 billion in total value locked (TVL) on December 4, reflecting the increasing adoption for DeFi applications, stablecoin transactions, and smart contracts. The TRX token has retreated to $0.33 after reaching a record high of $0.44 this week, but has maintained a 66% weekly gain to return to the top 10 by market capitalization. This rally was fueled by factors such as speculation that TRX could be included in Grayscale’s portfolio and Justin Sun’s initiatives. Tron’s stablecoin ecosystem continues to grow, with USDT dominating at 98% and TUSD growing at 87% quarter-on-quarter.
Bitcoin Crosses $100,000: Congratulations from Trump, New Targets from the Market
Bitcoin has reached a new milestone by crossing $100,000 for the first time. Donald Trump congratulated the Bitcoin community for this achievement. Analysts say the crypto-friendly regulatory environment in the US has played a significant role in this rise. Market experts predict the next resistance levels as $150,000 and $200,000. Bitcoin’s increasing adoption and perceived value suggest that its price has the potential to grow further.
Worksport Switches to Bitcoin and XRP in Treasury Strategy
Nasdaq-listed Worksport is adding Bitcoin and XRP to its treasury holdings in order to grow revenue and align with market trends. The company plans to allocate 10% of its cash reserves (up to $5 million) to these crypto assets. It also aims to reduce transaction costs by up to 37% by accepting crypto payments on its e-commerce platform. CEO Steven Rossi believes XRP will be another stable custody asset.
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BITCOIN (BTC)
BTC is priced at 97,824 with a 0.94% gain in value as of the morning hours. The price has started a downward correction movement from this level and is currently trading at $ 97,966. This situation shows that the price is in the overbought region in the short term and that selling pressure is increasing. The $ 100,000 level, which was previously tested and marked with a red box, attracts attention as a strong resistance region. As long as there are no closings above this region, it can be expected that the upward movement will remain limited. On the other hand, if the downward movement continues, the $ 93,283 level stands out as the first strong support, and if this level is broken, the $ 86,628 level is considered the next important support point. In general, the pair may have entered a consolidation or correction process, although it maintains its uptrend. If the price holds on to the support levels, the trend may continue upwards again, otherwise a deeper correction is likely.
ETHEREUM (ETH)
ETH is priced at $3878 as of the morning hours with a 2.47% gain in value. The orange zone seen in the chart represents a strong supply area above the $4,000 level and the price seems to have lost its upward momentum in this region. The price, currently at $3,874, may have difficulty overcoming this resistance zone in the short term. In downward corrections, the $3,671 level stands out as the first strong support point. Below this level, the $3,613 and $3,443 levels are other important support points, respectively. Maintaining one of these support levels could allow the price to recover and retest the resistance zone. On the other hand, if the price breaks out of the orange zone and makes a permanent move above this level, it could trigger a rise to higher levels. However, in the current situation, it is observed that the selling pressure coming from the resistance zone is effective.
RIPPLE (XRP)
XRP is priced at $2.3820 as of the morning hours with a 6.15% increase in value. Closing the past three days with a negative trend, XRP is starting the new day positively and is moving above the critical support level. For XRP, which tested the $2.4880 resistance yesterday and was rejected, it will be important for it to break this resistance level and maintain its permanence above it in order to continue its positive trend. Then, an increase can be expected to the levels of $ 2.7825 and the peak level of $ 2.9092. In the event of a possible negative movement, if the support level of 2.2922 is broken, it may face selling pressure down to the levels of the $ 2.1750 – 2.1400 band. Therefore, it is important for investors to carefully monitor the identified critical support and resistance levels.
AVALANCHE (AVAX)
AVAX is priced at $52 levels with a 3.40% gain in value as of the morning hours. AVAX, which encountered purchases from the green zone seen in the chart with rapid pullbacks yesterday, is testing the resistance zone with increases. It will be important for AVAX, which has a resistance level of $52.45, to break this level and maintain its persistence above it in order to continue the rise. Then, the strong resistance level of 55.83 can be met. Breaking this level can support the rise up to $58.33. In case of possible negative movement, the $50.03 – $48.25 band is in support position. Breaking these levels may cause a pullback to $45.80 levels. It is important for investors to carefully monitor the determined critical support and resistance levels.
SOLANA (SOL)
SOL is priced at $239.44 as of the morning hours with a 1.52% increase in value. After the movement in the four-day resistance zone, SOL, which broke the $233.34 level and made candle closings above it, seems to have tested the next resistance level of $245.45 with a positive trend in the morning hours and was rejected. It will be important for this level to be broken and candle closings above it for the positive trend to continue. Then, the $259.94 level can be met as the next resistance level. In case of a possible negative movement, the critical support zone of 233.34 – 229.50 still maintains its position. If these levels are broken, a decline to $221.68 may occur. Therefore, it is important for investors to carefully monitor the identified critical support and resistance levels.
