THE EQONEX CRYPTO GUIDE AND LEARN HUB
Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

December 2, 2020

Traditional markets turned risk-on throughout yesterday, that’s typically supportive of higher prices in crypto. It’s also worth noting that with the dollar down and gold up (+2% on the session) Bitcoin should have been an obvious beneficiary.

Traditional markets turned risk-on throughout yesterday, that’s typically supportive of higher prices in crypto. It’s also worth noting that with the dollar down and gold up (+2% on the session) Bitcoin should have been an obvious beneficiary.

Prices dropped, however. The coin performance table above shows that quite clearly.

The reality is that the trend that took us from, say, $12,500 to the 19,900 has been long, strong and full of good news, but, the $20,000 mark remains a significant level. Piercing through that level requires a lot of capital and a lot of resolve and willpower.

Something to note, though, is that news articles coming out are relentlessly positive.

Earlier today, Reuters published an article discussing the interesting move of capital out of gold and into BTC. Naturally, the switch is something that’s been ongoing on a small scale during the growth of Bitcoin but, this year, it seems to have intensified.

It was also reported that Blackrock’s CEO mentioned that BTC could evolve into a global asset. While the comment could be lost in the incessant stream of institutions expressing interest in the space, a member of such an organisation just talking about cryptocurrencies feels like a major win.

Lastly, another piece of news that came through is the plans by Visa to offer a credit card with rewards paid in BTC. With the growing coverage in the media and interest by retail users, this is sure to be noticed and attract users and, thus, generate even more demand for Bitcoin.

Technical Analysis

Yesterday we had some cautionary comments regarding the rally, based on the on-exchange supply of stablecoins, the higher ratio of deposits relative to withdrawals and miners’ activity.

We definitely didn’t cross the 20K line and, while the above might not have fully played out yet, prices fell down to the lower 18K’s. The strong green candle is now somewhat offset by a clear red candle and a long lower wick.

Currently BTC is stagnating at $18,810, following a slow ramp-up between the $17,890 support and the $19,180 resistance.

In the very short-term, the enthusiasm from fundamentals and the increasing retail attention might push us back up. Should we fail to rally further, we could expect some stronger moves down, possibly to the lower 16K’s (again) or the mid 15K’s.

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