Bitcoin tests range top at $17K ahead of Powell's speech on labor market
Bitcoin was able to reach \(17,162 in the last 24 hours but fell shortly after, and is currently flirting with the support at \)16,800. Fed chair Powell is expected to deliver a speech later today and market participants will be looking for hints about future policy changes.
Meanwhile, the S&P 500 was able to hold its key support level of 3,953 yesterday and is currently moving sideways. DXY, on the other hand, is still on track with its double-bottom pattern and likely waiting on economic news to make its next move.
Market participants will do well to note how a hearing on FTX and the FOMC meeting are both scheduled for Dec. 13 and Dec. 14, respectively, and will most likely result in market volatility.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin is currently in consolidation above \(16,800, if buyers fail to hold this level we could see the price plummet. We can see a potential move to \)16,500 followed by a final push to \(17,500 bringing this relief rally to an end. Liquidity is visible at \)16,000 and $15,500 which is where we can expect to see the start of the next relief rally.
Ethereum Technical Analysis
Ethereum finally reached \(1,280 — a target we’ve highlighted a few times in our daily updates. Currently, it is also consolidating alongside Bitcoin and a final push toward \)1,300 is still on the table. However, we could see increased distribution during a rally, potentially bringing the price down to range lows around $1,000.
NFT Market Map
While big collections dominate the market, smaller collections have been recording decent trading volume gains as per our NFT heatmap.
Top 5 projects by volume growth:
- Feel Art Slumber (+25,503%)
- Desperado: Hero Gacha (+18,914.86%)
- Rarible (+11,624.89%)
- The Digital Pets Company (+6,565.48%)
- Wiiides (+5,677.02%)
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.