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Bitcoin retraces to $93K after nearing $100K resistance, while Pepe Unchained’s ICO surpasses $54M amid strong investor backing.
Bitcoin is retracing after finding strong resistance just below $100K. It’s now trading around $93,000.
However, despite BTC’s dip, some altcoins are continuing to show strong growth.
One such coin is Pepe Unchained, which has now raised over $54 million in its ICO as investors continue to back the new meme coin.
BTC crashes amidst profit-taking and leverage flush
Bitcoin came within just a few hundred dollars of hitting $100K this week but is now falling.
Its recent rally followed Trump’s win in the US presidential election, but analysts suspect long-term holders used this momentum to take profits – especially since the $100K mark was expected to provide strong resistance.
Andre Dragosch, head of research for asset management firm Bitwise, said:
“Long-term holders have started to distribute significant amounts of bitcoins into the recent rally.”
However, he underlined 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.”
But it’s not just spot positions that cause the Bitcoin price to decline.
Market intelligence platform IntoTheBlock tweeted that Bitcoin’s funding rates were too high, which may have contributed to the retracement.
However, the post also noted that funding rates have returned to base level, potentially allowing the Bitcoin rally to resume.
This follows a mass liquidation event on Sunday, during which $560 million in leveraged positions were wiped off the market in four hours.
Analyst lays out BTC bull case
After hitting a low of $90.7K on Wednesday, Bitcoin has begun to climb again – it is currently trading at $93.3K.
It remains 6.65% from its Saturday all-time high (ATH), but analysts suggest the bottom is in.
Miles Deutscher provided several arguments for Bitcoin’s upward ascent, including the fact that December is a historically bullish month for crypto, and Trump’s win provides a tailwind for significant growth in the market.
Alongside other things, he also noted that Trump’s inauguration day is 20 January, and it’s probable that the Bitcoin price will rally in the lead-up.
Meanwhile, Microstrategy CEO and Bitcoin proponent Michael Saylor alluded that Bitcoin’s current position is similar that of November 2020.
He noted that Bitcoin rejected $20K back then, only to surge beyond it two weeks later. He said that $20K was a “psychological barrier,” which is exactly what $100K is today.
Bitcoin’s retracement from $99K is not only expected but also healthy. With the leverage flush, the next upward ascent can now last longer without the impending fear of a mass liquidation event at any moment.
This weeks Bitcoin selloff has triggered market-wide derisking, but presale crypto Pepe Unchained has continued to attract investment.
As Bitcoin and the broader market recovers, this puts PEPU in an advantageous position for growth.
Pepe Unchained to list on tier-1 exchanges in 16 days
Pepe Unchained is the first Pepe-themed Ethereum layer 2 blockchain. It aims to be a home for meme coins inside the Ethereum ecosystem, and investors can buy it at a ground-floor presale price right now.
The presale has raised a staggering $54 million in funding, showing huge demand among traders. Over $2 million of that has come in the past 24 hours, a period when Bitcoin lost $400 million from its market cap.
Pepe Unchained is expected to be cheaper and 100x faster than the Ethereum main network. It will also include features like a two-click meme coin generator, staking, a block explorer, a decentralized exchange, and a dedicated Ethereum bridge.
The meme coin generator is called Pepe Pump Pad and will allow anyone to launch a meme coin in minutes without coding. Considering it will have access to Ethereuem’s vast liquidity infrastructure, this creates a perfect environment for teams to launch new projects.
Analysts are going wild over this. In a recent video, ClayBro said that it could be the “top meme coin of 2025.”
It has a unique advantage in that it’s more than just a meme coin – it’s an entire ecosystem. And that’s precisely what presale investors are betting on.
The PEPU token will list on tier-1 exchanges in 16 days, so would-be buyers should act quickly.
For more information, visit the Pepe Unchained presale website.
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