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Bitcoin has rebounded to $95,000 after dipping below $90,000, marking a significant recovery in bullish sentiment. Analysts are watching closely to see if BTC can maintain support at $92,000 to challenge the range high of $95,400, while some predict a potential pullback to $80,500. The overall crypto market capitalization remains steady at $3.43 trillion, with Ethereum trading at $3,180, down nearly 14% for the week.
This week, Bitcoin and other cryptocurrencies are poised for significant developments, particularly with the Federal Reserve's anticipated interest rate decision on December 18. Fantom is set to launch its Sonic L1 mainnet, promising enhanced transaction speeds and reduced costs, while Avalanche's major upgrade, Avalanche9000, goes live today, transforming its subnet functionality. Stacks will introduce sBTC on December 17, facilitating Bitcoin's integration into DeFi, and LayerZero will hold a governance vote on December 20 regarding a fee switch for cross-chain messages, potentially impacting token economics.
Chainlink's price surged 22% in 24 hours, reaching $27.80, with a remarkable month-over-month increase of 93%. This rally is attributed to significant whale accumulation and high-profile purchases, including a notable acquisition by World Liberty Financial linked to President-elect Donald Trump. Despite some volatility, the fundamentals suggest a bullish outlook for Chainlink, with many holders currently in profit.
Ethereum's price has dropped 3.94% to $3,672.74, marking its steepest decline since November 14, largely due to over $44 million in liquidations, primarily in long positions. This downturn follows a marketwide funding rate reset for altcoins after Bitcoin's recent flash crash, with traders now eyeing the $3,700 to $3,800 range for potential rebounds. A daily close above $3,950 could signal a recovery towards higher targets.
Ethereum (ETH) has seen a 3.94% decline in price over the past 24 hours, marking its steepest correction since November 14. This drop is attributed to over $44 million in leveraged positions being liquidated, primarily long positions, amid a marketwide funding rate reset for altcoins following Bitcoin's recent volatility.Traders are closely watching the price action between $3,700 and $3,800, with potential for a rebound if ETH closes above $3,950. However, a drop to around $3,735 is also possible due to liquidity imbalances created by a recent flash decline.
Jacob Canfield
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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