Bitcoin pullback before Thanksgiving: what’s in store for the crypto market and how ALX helps avoid risks
Bitcoin, which recently approached the $100,000 mark, has temporarily halted its growth, showing a pullback to last week’s levels. Analysts attribute this to the liquidation of $430 million in longs, $438 million in outflows from the BTC-ETF, and the anticipation of inflation data and Fed minutes to be released on November 27.
Against the backdrop of the Thanksgiving holiday in the United States, which falls on November 28, the cryptocurrency market is showing signs of “respite”. This is a normal phenomenon in an overbought market, CryptoQuant experts say.
Of particular note was MicroStrategy’s massive purchase of 55,500 BTC worth $5.4 billion, a move that had a significant impact on price movement and volatility.
According to CryptoQuant CEO Ki Yun Ju, the current pullback cannot be called excessive. He emphasized that such adjustments are a normal part of any parabolic growth. In 2021, during the previous bullrun, bitcoin repeatedly lost up to 30% of its value, but invariably returned to growth.
Experts recommend investors to avoid panic and carefully manage risks, especially at local lows. The pressure of profit taking, although it exists, has not yet reached critical values, which leaves the market open for further growth.
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