Bitcoin(BTC) rose to $93,905 in the early hours of this morning, setting a new all time high(ATH). It is currently quoted at $92,337, up 1.83% in the past 24 hours. As a result, the probability of BTC reaching $95,000 in November has also increased significantly on Polymarket.
The market cap for BTC has risen by 1.8%, now standing at $1.83 trillion. However, the 24-hour market volume has decreased slightly by 0.2%, settling at $74.94 billion. Notably, Bitcoin has once again surpassed petroleum giant Saudi Aramco to claim the seventh position among the most valued assets globally.
The Simple Moving Average (SMA) for 10 days indicates a “Buy” action. Meanwhile, the Relative Strength Index (RSI) stands at 76, signaling a “Sell” action and suggesting an overbought position, which may imply a potential correction in the future. However, such indicators are often atypical of a bullish and strong BTC market.
The sudden jump in Bitcoin’s price, despite an already strong market over the past week, resulted from multiple factors: all eyes are on Trump as he considers several pro-crypto contenders for the role of SEC chairman, increasing ETF inflows, the consideration of Bitcoin as a national reserve asset in the U.S. and even Poland, and institutions continuously pouring funds into holding Bitcoin.
Regarding Bitcoin exchange-traded funds (ETFs), the daily net inflow as of November 19 reached a remarkable $344.18 million, reflecting renewed interest from traditional investors.
With the bullish trend evident in Bitcoin’s performance, bettors on prediction markets like Polymarket have weighed in. As a result, the probability of Bitcoin reaching $95,000 in November has climbed to 79%, up from 63% on November 18 when Bitcoin was hovering around $89,000.
On another market prediction platform, Kalshi, users are speculating on how high Bitcoin will go this week. Currently, 84% believe BTC will reach $94,000 and above, 67% predict it will surpass $95,000, and 64% anticipate Bitcoin climbing to $96,000 or higher.
Also Read: Is Bitcoin Set to Break $100K? Key Levels to Watch Now
Credit: Source link
