CandleFocus

Bitcoin (BTC) Briefly Hits $98,000 Before Dipping by 0.05%

Author: Content Editor
Bitcoin experienced a rebound, briefly breaking through $98,000 before dropping by 0.05%. It is currently trading at $97,903. The market cap for BTC also decreased by 0.05% to $1.94 trillion. The 24-hour market volume surged by 18.25% to $52.14 billion. There is a decrease in the betting market's odds on BTC reaching $100,000 in November. BTC's market sentiment aligns with Bitcoin Price Prediction trends, potentially reaching a maximum value of $99,917 by the end of 2024. BTC remains the seventh most valuable asset market, surpassing Saudi Aramco and has the potential to overtake Alphabet (Google). Technical indicators show a "Buy" action with the 10-day Simple Moving Average (SMA) at $94,910, though the Relative Strength Index (RSI) implies an overbought position and suggests a potential correction. Traditional investors continue to show interest in Bitcoin, with a net inflow of Bitcoin spot ETFs totaling $490.35 million. Cboe exchange is launching cash-settled index options related to spot Bitcoin's price. Betting market outlooks on BTC reaching $100,000 in November have decreased, with a 63% probability on Polymarket and 54% believing it will hit $100,000 before December on Kalshi.

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