Bitcoin remains choppy despite bounce from $16,000 as uncertainty prevails
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.
Top altcoin gainers and losers
Gainers
- Huobi Token HT (+13.13%)
- Chain XCN (+10.85%)
- Fantom FTM (+8.13%)
Losers
- Stacks STX (-5.68%)
- Nexo NEXO (-5.36%)
- FTX Token FTT (-5.25%)
Bitcoin Technical Analysis
Bitcoin bounced from \(16,000 but got rejected off of \)16,500. If the market leader is unable to reclaim this level in the coming hours we could see another revisit to $16,000 today.
That being said, such choppy price action is expected before a strong move in order to shake the majority of the market participants out of their positions before real volatility materializes. For now, we expect to see Bitcoin trading within the \(16,000 - \)17,000 range.
Ethereum Technical Analysis
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.
NFT Market Map
The NFT space saw growth as many top collections by market cap also recorded positive gains in trading volume. The top 5 collections by volume change today are:
- Art Blocks (+2,228.10%)
- Genesis Oath (+1,510.13%)
- Superordinary Friends (+1,414.82%)
- CryptoCitizens (+1,065.07%)
- STATE OF THE ART by ThankYouX (+1,027.58%)
Meanwhile, well-known projects like Azuki (-63.99%) and Chimpers (-55.29%) were the biggest losers in terms of trading 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.
