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On Nov. 27, Bitcoin closed in the green and Bitcoin futures on Bakkt hit a new all-time high volume record which was 60% higher than the previous record. This shows that institutional players have increased their activity during the most recent relief rally. This points to possible accumulation at lower levels and institutional interest is likely to increase further with the launch of Bitcoin Options contracts on Dec. 9.
Bitcoin dipping down to $6500 had the whole cryptocurrency community in tears, with much of the market brimming with negative sentiment. And while the world’s largest crypto did climb over $7500, it wasn’t there for long. Valued at $7475 at the time of writing, Bitcoin maintained its dominance with a market capitalization of nearly $137 billion, with $18.5 billion worth of BTC traded over the last day, according to CoinMarketCap. It was traded most on the BKEX exchange, which accounted for over 3% of its trade volume over a 24 hour period.
- Bitcoin looks set to end November on a negative note. A monthly close below $8,300 could yield a deeper drop in December, according to a popular analyst.
- The hourly chart continues to call a move higher to $7,800–$8,200. A bull reversal would be confirmed on the three-day chart if prices close (UTC) above $7,380 today.
- Acceptance below $6,515 would invalidate the bullish hammer candle seen on the three-day chart and invite stronger selling pressure.
It has been an exciting week for Bitcoin. Volatility is back as the price went on a rollercoaster throughout the past seven days. The cryptocurrency started the week trading at around $7,150, dropped to a low of about $6,600 only to recover get up to $7,800. However, throughout the volatile month of November, Bitcoin lost upwards of $1,500 of its value. At the same time, despite Bitcoin’s violent price action, its dominance index remained flat around 66%. This means that altcoins managed to stand their ground and didn’t lose their market share.
- Bitcoin’s price is eyeing a fast return to $8,000.
- The largest digital currency is still on track for its worst month of 2019.
- Bitcoin Fear & Greed Index shows investor sentiment has recovered slightly from last week’s FUD-induced selloff.
Bitcoin’s price made another move higher on Friday following one of the biggest percentage gains of the month, signaling that the worst of the recent downtrend had subsided.
Don’t let the analyst’s name fool you, the outspoken trader has also perfectly called Bitcoin’s bottom, the prior breakdown from $6,000, and the rally to $14,000 this past April. Before the rally topped out, the analyst had been calling for a major crash, and is now looking to $1,000 as the ultimate target.
BTC/USD ; A confident breakdown of the neckline reversal pattern indicates that the path of least resistance has been paved. This is also evidenced by a transition to a pattern of rising lows and highs in price. ETH has almost reached the $155 level, the last support mark before dropping to $135. However, there are few chances that this major altcoin will rise in the short-term because the trading volume remains low. Looking at the 4H chart, the Bollinger Bands confirm a local bullish mood. The rate might reach the $0.30 mark and encounter a resistance line. From that point, traders might expect a continuing downtrend as buyers have no intention of buying back XRP.
Things could not get much worse following last week’s crypto market rout and this one has been an improvement. Total market capitalization is back over $200 billion as Bitcoin reclaimed the $7k level, but the bears are still lurking and the pain may not be over yet. Bitcoin bounced off a six month bottom of around $6,500 on Monday and since then has made a solid 15% to current levels. According to the charts the gains came in two separate movements. The first was a quick push back to the $7,250 level where BTC remained until mid-week.
A strong relief bounce has come in for Bitcoin (BTC) after its breakdown from the previous October market structure. It remains to be seen whether this bounce is strong enough to finally break the Bitcoin downtrend that has been driving price down since July; but meanwhile, altcoin market share is continuing to grow versus Bitcoin, which was recently pushed back below the historically high 70% mark. This has translated lately into many altcoin surges.
The Upbit exchange may have suffered additional losses from smaller altcoins, show the estimations of TopTechBuzz. Based on Korean media reports, there are suspicions of Stellar (XLM), BitTorrent Token (BTT) and TRON (TRX) being diverted. Upbit has admitted only to the Ethereum (ETH) theft, though reports expect the hack to reach a value of $79 million after including the altcoins.
Unlike other crypto currencies, Bitcoin Cash’s critical support was not breached despite the rampaging bears. The BCH has taken a giant stride towards the upper price levels. The coin moves up but it is being resisted at the $ 225. This present price level was the same in September and October where BCH consolidated before an upward move. However, if the bulls jump over the current price level, the BCH will rise to $240. The coin may continue to fluctuate if the current level remains intact. Nevertheless, if the bulls are repeatedly repelled the coin will depreciate further.
Says Juri Bulovic, the innovation manager at FCAT,
“Our team was excited to test this new token with Fidelity’s club members. For employees, it’s a real use case for restricted tokens and gives them an opportunity to get hands-on experience with tokens, wallets, and other blockchain technology to understand how it works and how we might apply this in other areas.”
The Bitcoin (BTC) market has evolved to include the simplest kind of derivative financial products – futures contracts. Those markets now reach $5 billion in daily volumes, taking a significant chunk from spot trading markets.
Not too long after embracing blockchain, Beijing has made it clear, one way or the other, that it didn’t mean Bitcoin. Increased scrutiny over the cryptocurrency sector and harsh measures against some companies have been implemented to supposedly protect citizens from scams. Sources say the government offensive has scared a lot of people employed in the industry and many have chosen to work from their homes rather than at the office. Businesses have been avoiding online chatter after rumors that a popular messenger is being watched closely.