2 months ago 2 min read

Roundup Dive

Market Update (Nov. 26, 2022)

Bitcoin, along with major cryptocurrencies, dipped slightly after recording modest gains on Thanksgiving day.

The market leader saw a 0.55% drop in the last 24 hours. However, the number of known addresses on the Bitcoin blockchain holding 1 BTC or more has hit a new ATH at 950,465, suggesting wider adoption.

Since Bitcoin has been able to maintain $16,500 over the last few days, it is potentially ready for a weekend pump before GDP and Core PCE numbers are released towards the end of this month.

Meanwhile, Binance CEO Changpeng Zhao has reportedly allocated $1 billion to a recovery fund as a fail-safe for the future after what we saw happening with the FTX implosion.

S&P 500 is moving sideways, currently at 4,030, and as long as it maintains above 4,000 today, we should see another leg up. DXY also saw a bounce, taking it to 106.3, but major resistance is waiting at 106.8.

Market Analysis:

Market Cap: $831,264,509,614

24H Volume: $30,851,037,314

BTC Dominance: 38.2%

ETH Dominance: 17.5%

Health Standard: 27.83 (1 to 10)

Sentiment: +18.31% (-100% to 100%)

Binance Analysis (BTC Pairs):

Gainers:

• QLC: +43%

• REN: +30%

• NEBL: +28%

Losers:

•  VIDT: -20%

•  RARE: -18%

•  GTO: -15%

Binance Futures:


Top Gainers:

•  RAY/USDT: +28.50%

•  REN/USDT: +28.47%

Top Losers:

•  RLC/USDT: -9.73%

•  DYDX/USDT: -7.94%

Largest Volume (24h)

•  ETH/BTC (4,494 BTC)

•  WBTC/BTC (3,539 BTC)

Daily Outlook

The market cap remains above $800 Billion with decent strength, however, daily trading volume has once again dropped to weekly lows, reaching $30 Billion and showing no signs of a relevant higher volume move for now. We’ll be updating once we see confirmed action, expected around our weekly close.

Bitcoin Recap

The price is still trading within a few hundred dollar range, with very low volume due to the US holidays on Thursday/ Friday. On the 1-day chart, Bitcoin is about to interact with this long-term trend line again. A flip of $16.8k could see a move to test the previous range lows at $18k.

On the hourly chart, BTC is moving in this ascending channel, but although the price is slowly grinding up we have to remember we are in a long term downtrend so this has a good chance of breaking to the downside.... looking to test $16,250 still.

Recapitulating Ethereum

Ethereum has been a bit more volatile over the last few hours but that is not out of the ordinary for an altcoin. It broke below $1,187 which was a key level but moved back up again shortly after.

For now, $1,180 is a good level to watch out for and could be the potential area to start a new leg up toward $1,260.

Now, traders should pay close attention to the $1,300 zone, a breakout of which could be a prerequisite for a midterm bull run. Ethereum is trading at $1,219 at press time.

For more daily updates and news, follow us on Twitter.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

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