Powell speech sends Bitcoin above $17,000 despite no real "pivot"
Dec 1 2022
Cryptocurrency and stock markets reacted positively to Powell’s speech yesterday, addressing the labor market. However, despite surging over $17,000 in the last hours to touch its two-week high, BTC ended November in the red with a 16.23% decline, marking its worst performance in the past 5 months, and the worst November since 2019.
Meanwhile, the Core PCE numbers came out lower than expected today, further indicating that the Fed may ease up for the December rate hike.
At the time of writing, the S&P 500 has breached 4,090 and is on its way to 4,100 — a target we’ve highlighted previously. DXY is at 104.9 and constantly bleeding, our next key level of support is 101.5
Top altcoin gainers and losers
Gainers
- GMX GMX (+8.33%)
- ETHPoW ETHW (+5.93%)
- Polygon MATIC (+5.84%)
Losers
- GensoKishi Metaverse MV (-9.42%)
- BinaryX BNX (-5.73%)
- Frax FRAX (-4.87%)
Bitcoin Technical Analysis
Bitcoin’s recent price action and a Bollinger squeeze on the hourly hint at another move up. However, we can see a retracement right now to test \(16,800 before a move up toward \)17,500.
Alternatively, we could see \(17,500 first, followed by a test of \)17,200 and an end to this rally at $18,000.
Ethereum Technical Analysis
Ethereum was able to reach \(1,309 before getting rejected and falling toward \)1,270. We could see ETH going as low as \(1,261 before finding momentum to continue this move upward. If we break below \)1,261 all long positions until \(1,220 will be in trouble. Our first key level is \)1,350, however, $1,330 could also be difficult to breach.
NFT Market Map
The crypto market’s “revival” powered a surge in NFT trading activity throughout the day as we saw many projects jumping on the leaderboard in terms of volume growth.
It is not the first time Art Blocks (+2,892.28%) was named in our market wrap-up thanks to its impressive performance, but this time the project can’t steal all the spotlight. There are more collections that did well in volume today, including:
- Froggy Friends (+70,109.61%)
- OnChain Sands (+33,267.88%)
- Bright Moments (+9,391.00%)
- Zanoza Art Bank (+6,833.18%)
- CryptorunnerNFT (+5,199.13%)
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.
