Bitcoin likely to have a green weekend with GDP & Core PCE next week
Nov 25 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 lat 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.
Top altcoin gainers and losers
Gainers
- FTX Token FTT (+9.90%)
- Huobi Token HT (+8.71%)
- Dogecoin DOGE (+7.02%)
Losers
- Unus Sed Leo LEO (-7.99%)
- BinaryX BNX (-6.91%)
- Dash DASH (-4.41%)
Bitcoin Technical Analysis
Bitcoin was able to hold above \(16,300 and is currently setting up for a potential squeeze. We can also see buy walls coming in to protect \)16,300, and if traditional markets open positively, \(17,000 will be very likely and the chances of \)17,600 over the weekend will be high as more participants open longs.
Ethereum Technical Analysis
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.
NFT Market Map
Another day when we saw the red and gray dominate the NFT heatmap, with RKL Rookies (216.12%) being the only one in the top 50 to post a three-digit rise in volume.
Except for this collection, only three other NFT projects could see an increase in trading volume — Kryptic Kids (+70.75%), ConiunPass (+22.00%), and ImmutaSwap.io (+5.03%).
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from today.
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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.
