Market Update (Dec. 2, 2022)
Bitcoin has made several attempts to breach $17,000 convincingly but failed yet again, despite Fed chair Powell hinting at potentially reduced rate hikes. Currently at $16,900 the market leader took a hit when the unemployment rate came out exactly as forecasted at 3.7%. Coupled with Jobless claims being less than expected at 225K, the unchanged unemployment rate was interpreted as the economy showing strength.
ETH followed BTC’s price action with a drop of 1.4% after the jobs report. The coin then bounced back slightly to where it was at the beginning of Friday.
Meanwhile, the S&P 500 has been rejected from 4,100 and is barely holding onto 4,000, if we don't see a bounce here, it could come down to 3,800 in the coming weeks. On the flip side, DXY has finally had a bounce from the previously mentioned support of 104.4 and is currently at 105.5
Market Analysis:
Market Cap: $857,760,323,819
24H Volume: $38,312,498,879
BTC Dominance: 38.1%
ETH Dominance: 18.4%
Health Standard: 29.18 (1 to 10)
Sentiment: +19.23% (-100% to 100%)
Binance Analysis (BTC Pairs):
Gainers:
• BTS: +53%
• ACA: +40%
• ORN: +32%
Losers:
• BAND: -9%
• DOCK: -8%
• REN: -6%
Binance Futures:
Top Gainers:
• PHBUSDT: +10.77%
• 1000LUNCUSDT: +9.32%
Top Losers:
• BANDUSDT: -8.88%
• MASKUSDT: -6.44%
Largest Volume (24h)
• ETH/BTC (3,537 BTC)
• BNB/BTC (880 BTC)
Daily Outlook
Sentiment and overall trading volume are currently extremely low for the second day in a row and looking like they will remain the same for a while longer, before an expected breakout or breakdown move in the next couple of weeks. Once this move starts, however, we expect it to last at least 4-6 months.
Bitcoin Recap
Using the week-to-volume profile, we can see that the Point of Control (red line) is acting as support. However, it is trading in a very tight range with no clear direction for the next move and strong resistance above $17k.
A pullback to the $16.5k area would be the ideal place to see a bounce from. In a couple of hours, the US will release its Non-Farm Employment Change data. This often causes volatility in the market as it indicates the strength of the labor market.
Recapitulating Ethereum
Ethereum made another attempt at $1,300 a few hours ago but was stopped at $1,297. Currently, it's trading at $1,276 with a lot of long positions stacked up around $1,210 - $1,230. This range is in line with Bitcoin's fair value gap which is also present on the Ethereum chart. It is likely that ETH will correct itself in tandem with Bitcoin before any further moves materialize.
Market Scoop
Crypto:
🔹 Bitcoin mining revenues fell 20% in November.
🔹 Three Arrows founders have one week to provide key financial documents.
🔹 OpenSea’s Ethereum gas usage has declined to almost zero.
🔹 FTX Japan plans to restart local customer withdrawals.
🔹 Attackers pocket $20 million in exploits on Ankr and Helio.
Forex & Stocks:
🔹 Oil steadies ahead of OPEC+ meeting, EU Russian oil ban.
🔹 Nasdaq leads Wall St lower after robust November jobs data.
🔹 Gold steadies above $1,800 ahead of U.S. payrolls data.
🔹 EUR/USD climbs to highest in over 5 months ahead of crucial NFP report.
🔹 Credit fund outflows in 2022 unwind last year's inflows.
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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.