What’s Happening In Crypto Today: BTC Retests $85k, ETH Consolidates Above $2.7k

The Bitcoin market is experiencing a significant correction, with a 10.4% price drop over the past week, leading analysts to identify potential local bottom targets. Prominent analyst Ali Martinez has highlighted possible downside levels of $55,900 and $44,700 as Bitcoin trades around $81,000 after reaching an all-time high of $126,198.07 in early October.

Bitwise Chief Investment Officer Matt Hougan has highlighted that Ethereum may lead the next cryptocurrency rally, driven by the upcoming Fusaka upgrade on December 3, which could significantly enhance Ethereum's revenue capture by 5 to 10 times. This upgrade is seen as a critical catalyst that investors are currently overlooking.

VanEck's CEO, Jan van Eck, has indicated that advancements in quantum computing could compel the firm to reduce or exit its Bitcoin holdings, highlighting rising risks associated with the cryptocurrency. This statement comes amid a significant decline in Bitcoin's market value, which has seen prices drop below critical thresholds.

Ethereum's price has stalled at $2,818 as derivatives traders prepare for the upcoming week, indicating a period of consolidation amidst market volatility. This stability comes after recent fluctuations in the cryptocurrency market, where Ethereum has faced significant downward pressure, raising concerns about potential bear market conditions.

Bitcoin has experienced a rapid downturn, primarily attributed to excessive long positions taken by investors, as highlighted by Joao Wedson, CEO of Alphractal. Recent data indicates a significant imbalance in long versus short positions across exchanges, with approximately 71,000 BTC in longs compared to 27,900 BTC in shorts. This trend has contributed to Bitcoin's struggles in maintaining its price stability.

Coinbase has announced a scheduled migration of significant amounts of digital assets, specifically Bitcoin and Ether, to new internal wallets. This migration took place on Saturday, November 22, as part of the company's ongoing efforts to enhance security and operational efficiency.

Cardano experienced a chain split due to a malformed transaction, raising concerns about the network's stability. Meanwhile, a solo miner achieved a remarkable feat by mining a Bitcoin block valued at approximately $265,000, showcasing the unpredictable nature of cryptocurrency mining. Additionally, a UK-led initiative resulted in 128 arrests related to Russian sanctions evasion, highlighting ongoing regulatory efforts in the cryptocurrency space.

Bitcoin has rebounded from extreme oversold levels, showing signs of recovery as its price stabilizes. XRP has jumped 7%, while Zcash (ZEC) has surged 14%, indicating a positive shift in the cryptocurrency market after recent declines. This rebound follows a period of significant volatility, where Bitcoin's price dipped below $90,000, impacting altcoins like XRP and ZEC.