Bitwise crypto researcher André Dragosch said, “We’re staring at a similar 
macro setup” for Bitcoin as during the COVID-19 pandemic.

Bitcoin hasn’t seen this much ‘asymmetric risk-reward’ since COVID: Analyst

A new article by Nic Carter, partner at Castle Island Ventures, raises alarms 
about the vulnerability of bitcoin before the emergence of a cryptographically 
relevant quantum computer (CRQC). Carter believes that such an event will 
happen circa 2035, sooner than expected. Nic Carter Awakens Quantum Concerns: 
Q-Day To Arrive In 2025 The Facts Nic Carter, […]

Nic Carter Raises Concerns on Bitcoin’s Quantum Vulnerability: Q-Day to Arrive by 2035

On-chain data shows New Whales on the Bitcoin network have been realizing 
losses recently, while Old Whales have remained at the sidelines. Bitcoin Has 
Faced Loss Selling From The Newbie Whales In a new post on X, CryptoQuant 
community analyst Maartunn has talked about the latest trend in the 
profit/loss realization behavior of the Bitcoin whales. &#8220;Whales&#8221; broadly refer 
to the BTC investors that hold at least 1,000 tokens in their balance. Related 
Reading: Bitcoin Puell Multiple Plunges, But Not Inside Bottom Zone Yet At the 
current exchange rate, the cutoff for the cohort is equivalent to $91.6 
million, which is quite significant. As such, this group represents the big- 
money hands of the market, who can carry some degree of influence. Whales can 
be divided into two subgroups based on holding time. Investors of this size 
who purchased their coins within the past 155 days are known as the short-term 
holder (STH) or New Whales. Similarly, whales with a longer holding time are 
called the long-term holder (LTH) or Old Whales. Now, here is the chart shared 
by Maartunn that shows the trend in the net amount of profit/loss that these 
Bitcoin whale groups have been realizing through their selling over the last 
few months: As displayed in the above graph, the Bitcoin New Whales have shown 
some loss realization spikes recently. This underwater selling from the cohort 
has come as the cryptocurrency&#8217;s price has gone through a decline. The New 
Whales include the inexperienced hands of the market who tend to easily panic 
in the face of volatility. It would appear that this quality of the group has 
held through the latest crash as well. The Old Whales, on the other hand, are 
considered to represent the resolute side of the network. From the chart, it&#8217;s 
visible that there has been some loss selling from these large dormant 
entities recently, but its scale has been small compared to the New Whale 
capitulation. Related Reading: Bitcoin Could Be At Risk Of A Deeper Bear If 
This Ratio Compresses, Says Glassnode The fact that the presence of the Old 
Whales has been relatively muted through the bearish shift, as well as the 
rebound that has followed, could be a signal worth keeping an eye on. Speaking 
of the recovery, the Bitcoin rally has meant that its price has climbed back 
above a major on-chain cost basis level. As analyst Ali Martinez has shared in 
an X post, the Bitcoin UTXO Realized Price Distribution (URPD) suggests a 
strong amount of buying last occurred at $84,500. In on-chain analysis, strong 
demand zones below the spot price are considered points of potential support 
for Bitcoin. Similarly, levels above are assumed to be sources of resistance 
instead. One such major level is present at $112,300. BTC Price Bitcoin&#8217;s 
recovery has furthered during the past day as its price has returned to 
$92,300. Featured image from Dall-E, Glassnode.com, chart from TradingView.com

Newbie Bitcoin Whales Capitulating, But Old Hands Stay Silent

The South African Reserve Bank has postponed CBDC plans, choosing instead to 
prioritize payment system modernization.

CBDC rollout slows as countries hit pause, reevaluate risks

While the crypto market bounces from last week’s correction, Bitcoin (BTC) is 
attempting to reclaim a crucial area as support to continue its recovery 
rally. As the flagship crypto faces some resistance, some market watchers have 
suggested that this week’s close may be key for its end-of-year performance. 
Related Reading: Solana Reclaims Crucial Resistance Despite First SOL ETF 
Outflows – 25% Rally Ahead? Bitcoin Faces Rejection Ahead Of November Close 
Bitcoin has retested a crucial resistance level for the first time in a week, 
hitting a one-week high of $93,092 on Friday morning before retracing. The 
flagship crypto has failed to hold crucial support levels throughout the 
November corrections, trading below $100,000 for nearly two weeks. A week ago, 
BTC plunged below $90,000 during the latest market correction, reaching a 
seven-month low of $80,600. However, the cryptocurrency led this week’s 
broader recovery, reclaiming key levels over the past few days. Amid its 
recent performance, some market observers have noted that Bitcoin is currently 
retesting a crucial re-accumulation region, between $82,000 and $93,000, where 
the price consolidated after previous pullbacks, including the Q1 market 
correction. Analyst Rekt Capital highlighted that BTC rebounded more than 7% 
from the local bottom and has revisited the range high resistance during 
Friday’s recovery. Now, Bitcoin is attempting to hold the high zone of its 
local range, retesting the $90,000-$91,000 area as support after being 
rejected from the key resistance. Previously, he pointed out that last week’s 
weekly close aligned with the flagship crypto’s monthly range, setting the 
stage for a potential floor around the $86,000 area, which would develop a new 
range between this level and the $93,000 resistance. To the analyst, Bitcoin 
must close the week, which also coincides with November’s monthly close, above 
$93,5000 and turn this level into support if it wants to further build on its 
newfound momentum and potentially revisit its two-month downtrend line, which 
currently sits near the $96,000 mark. “The ~$93500 level happens to be a Four- 
Year Cycle level. History suggests price should be able to find a way to 
12-month close above ~$93500 to finish 2025 green,” Rekt Capital added on X. 
$98,000 Rally or $88,000 Drop Next? Market watcher Ted Pillows discussed BTC’s 
short-term future as it faces some resistance around the $92,000-$93,000 
levels. To the analysts, reclaiming this area could propel the price towards 
the $98,000-$100,000 barrier in the coming weeks. On the contrary, he 
suggested that failing to reclaim this level will send Bitcoin’s price below 
the $88,000 mark. Earlier this week, Ted warned that this was one of the most 
important levels to reclaim and hold as support in the short term, as a 
rejection from this area could trigger a significant drop below the recent 
lows. Similarly, Daan Crypto Trades noted that the constant sell-off of the 
past few weeks has created “a ton of marginally lower highs, creating such a 
big liquidity pocket” between the $97,000-$98,000 zone. This region also 
aligns with key horizontal price levels in bigger timeframes, making it a 
“good area to watch,” as BTC continues to consolidate in a relatively tight 
range. Related Reading: Ethereum’s End-Of-Year Rally Still At Play? Analysts 
Eye 50% December Jump The trader considers that if BTC’s price breaks down, 
the $88,000 mark could be a good place for a higher low. However, if the price 
holds above the $91,800 level, it may trigger another retest of the $93,000 
resistance. Ultimately, He warned that the market could likely see a “Choppy 
environment in the short-term surrounding Thanksgiving, which always sees 
pretty low volume &amp; liquidity.” As of this writing, Bitcoin is trading at 
$90,500, a 1.1% decline in the daily timeframe. Featured Image from 
Unsplash.com, Chart from TradingView.com

Cryptocurrency price in PKR