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.
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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.