Bitcoin price dips but this new crypto ICO is raising millions
Release: 2024/11/27 22:02 Reading: 996
Bitcoin Retraces to $93K After Nearing $100K Resistance
Bitcoin has retraced after facing strong resistance below $100K. It currently trades around $93,000.
Despite Bitcoin's dip, select altcoins continue to experience growth. One such coin is Pepe Unchained ($PEPU), which has raised over $54 million in its ICO amid strong investor support.
Bitcoin Correction Amidst Profit-Taking and Leverage Adjustment
Bitcoin came within striking distance of $100K but has since declined. Its recent surge followed the news of President-elect Trump's victory, but analysts believe long-term holders may have taken profits after reaching the anticipated resistance level of $100,000.
"Long-term holders have started to distribute significant amounts of bitcoins into the recent rally," said Andre Dragosch, Head of Research at Bitwise.
However, Dragosch emphasizes that this "could be a bull market correction rather than a change in trend" and that "bitcoin valuations are still far away from being excessive."
Market intelligence platform IntoTheBlock also noted that Bitcoin's elevated funding rates may have contributed to the retracement. However, they indicate that funding rates have now returned to baseline, which could pave the way for a resumption of the Bitcoin rally.
Analyst Lays Out Bullish Case for Bitcoin
After reaching a low of $90.7K on Wednesday, Bitcoin has recovered slightly and currently trades at $93.3K. It remains 6.65% below its all-time high (ATH) reached on Saturday, but analysts suggest that the bottom may be in.
Miles Deutscher presents several arguments for Bitcoin's upward ascent:
- December is historically a bullish month for cryptocurrency.
- Trump's victory provides momentum for market growth.
- Bitcoin's retracement from $99K is healthy and allows for further upward movement without the threat of mass liquidations.
Pepe Unchained Gains Traction Amidst Market Volatility
While Bitcoin and the broader market adjust, presale cryptocurrency Pepe Unchained ($PEPU) continues to attract investment.
- Pepe Unchained is the first Pepe-themed Ethereum layer 2 blockchain.
- It has raised over $54 million in its presale, demonstrating strong demand from traders.
- PEPU is expected to list on tier-1 exchanges in 16 days.
Pepe Unchained offers a unique ecosystem that includes a meme coin generator, staking, a block explorer, a decentralized exchange, and an Ethereum bridge.
Analysts predict that it could emerge as the "top meme coin of 2025," as it combines the appeal of a meme coin with the functionality of a comprehensive ecosystem.
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