Bitcoin likely to have a green weekend with GDP & Core PCE next week
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
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.
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.