The Bitcoin market continues to capture global attention as the Cryptocurrency trades around $95,300, after reaching an all-time high of $99,700 on November 22. With a market capitalization of $1.88 trillion, Bitcoin maintains its position as the undisputed leader in the crypto world.
However, trading volume has decreased by 22% in the last 24 hours, standing at $70.95 billion. In this context, the Thanksgiving holiday in the United States could have an interesting impact on the market.
Bitcoin price evolution in the last week. Source: CoinMarketCap
What is Thanksgiving Day?
Thanksgiving Day is one of the most important holidays in the United States, celebrated on the fourth Thursday in November.. This day brings together families and friends to give thanks for the year’s achievements and blessings, as well as enjoy a traditional dinner that includes turkey, mashed potatoes, and pumpkin pie.
Although the holiday has historical origins, it also currently marks the start of the Christmas shopping season, with events such as Black Friday and Cyber Monday.
In the financial world, Thanksgiving is usually accompanied by lower activity in the markets due to the national holiday. However, the focus is on the behavior of the crypto market, which operates 24 hours a day, even on holidays.
What to expect from Bitcoin in the short term?
Bitcoin has shown notable strength, but its inability to break above the psychological level of $100,000 could trigger short-term corrections. Analysts highlight two key factors that will influence its performance:
Key technical levels:
- Main support: $91,500. This level could serve as a basis for a rebound if the price pulls back.
- Main resistance: $99,700, the most recent record. Overcoming it would be key to a push towards $100,000.
Market Sentiment: The holiday could generate an increase in speculation, with retail investors actively participating. However, the decline in trading volume suggests that significant moves could be limited.
Macroeconomic impact: Expectations surrounding Donald Trump’s pro-crypto administration and optimism over regulation in the United States continue to drive positive sentiment towards Bitcoin.
In summary
Bitcoin arrives at Thanksgiving at a crucial time, with the $100,000 milestone within reach. As traditional markets remain closed, volatility in the crypto space could intensify. For investors, this could be a decisive moment to evaluate short-term strategies and keep an eye on any movement that marks the next direction of the leading digital asset.
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