2 months ago 2 min read

Roundup Dive

Market Update (Nov. 29, 2022)

Bitcoin had dropped yesterday to test $16,000 and bounced back to $16,500 as New York Fed President John Williams said that he “sees signs inflation is starting to come down.”

However, at the time of writing, the market leader has been rejected from $16,500 and is undergoing a minor correction, leaving market participants unsure about the next move.

Tomorrow, Nov. 30, will be an important day for the markets due to the monthly close and Fed chair Powell's scheduled speech to address the labor market.

Meanwhile, the S&P 500 is on a downward trajectory, with the first key level of support at 3,953 and DXY is forming a double bottom with its neckline at 107.8.

Market Analysis:

Market Cap: $818,848,706,727

24H Volume: $45,035,474,329

BTC Dominance: 38%

ETH Dominance: 17.5%

Health Standard: 31.92 (1 to 10)

Sentiment: +23.18% (-100% to 100%)

Binance Analysis (BTC Pairs):

Gainers:

• RIF: +109%

• VIDT: +26%

• QLC: +20%

Losers:

•  MOB: -17%

•  FLUX: -12%

•  KDA: -9%

Binance Futures:


Top Gainers:

•  RAY/USDT: +28.49%

•  TRB/USDT: +22.01%

Top Losers:

•  LEVER/USDT: -32.24%

•  FTT/USDT: -15.60%

Largest Volume (24h)

•  ETH/BTC (4,133 BTC)

•  DOGE/BTC (2,119 BTC)

Daily Outlook

Volume and market cap remain pretty much the same on lower time frames, showing no momentum in favor of buyers or sellers for now. We saw some selling pressure right after our weekly close, but not enough for a breakdown confirmation. We’re still watching the market closely and waiting for further entries.

Bitcoin Recap

Looking at the volume profile over the current range we can see that Bitcoin is clearly struggling to break the Point of Control (POC) above $16.5k.

Yesterday support at $16k was confirmed as we saw a strong bounce from there, but unless we can break $16.5k I still believe we are likely to test lower.

Recapitulating Ethereum

Ethereum went as low as $1,151 and quickly bounced back to $1,223 which was our previous local top. $1,180 is still on the table if any retracements occur but the upper limit is quite clear at $1,243.

Market Scoop

Crypto:
🔹 FTX-backed DEX Serum calls itself 'defunct,' promoting community fork.
🔹 Bankman-Fried Robinhood shares are the target of a BlockFi lawsuit.
🔹 US crypto exchange Kraken reaches an agreement with Treasury Department.
🔹 Crypto wallet Phantom is expanding to Ethereum and Polygon.
🔹 DeFi lender Compound to set borrow caps on 10 crypto collateral assets.

Forex & Stocks:
🔹 Crude oil higher on optimism over-relaxation of China's curbs.
🔹 Hyundai partners with SK On for North American EV battery supply.
🔹 Credit Suisse rights sell-off spells the worst year for its shares.
🔹 Spotify and Epic Games get allies in Musk in the fight against Apple fees.
🔹 Hawaii's Mauna Loa volcano erupts for the first time in nearly 40 years.

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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