Bitcoin
From November 24 to December 1, the price of Bitcoin changed slightly, adding about 2.6%. On December 1, BTC surpassed $38,500. At the same time, the trend of slowing volatility is obvious: only in one of seven trading sessions did the change in value exceed 2%.
Source: tradingview.com
The week for Bitcoin was relatively normal, so there were no price jumps. The buzz around ETFs continues to gain momentum. November 29 another company
submitted an application to a spot bitcoin exchange-traded fund in the USA. It turned out to be the Swiss management organization Pando Asset. It is not yet clear when and whether at least one or several spot bitcoin exchange-traded funds will be approved by the Securities and Exchange Commission (SEC). By
opinion Bloomberg analyst James Seyffart, the nearest window when this could happen is from January 5 to January 10, 2024.
Obviously, large players are also in anticipation of some serious movements in BTC. This is evidenced by the size of open interest (the number of active futures and options on Bitcoin). Since October 15, it has grown by 43%, from $11.8 billion to $16.89 billion.
Source: coinglass.com
Bitcoin has even more impressive numbers on the Chicago Mercantile Exchange (CME). There the growth rate was more than 100%,
shared information on the social network X (formerly Twitter) by an investor under the pseudonym JJcycles.
Technical analysis shows that over the past three weeks, there has been consolidation among Bitcoin investors. But on December 1, the price overcame the resistance level of $38,500. If it manages to consolidate higher, this level will become support. The current support level is around $35,000. For bulls, a good help is the price being above the 50-day moving average (indicated in blue), as well as the RSI indicator above 50:
Source: tradingview.com
Index
fear and greed continues to grow. Compared to last week’s figure, it added another 5 points and stood at 71 as of December 1. This indicates the predominance of greed over fear.
Ethereum
Ethereum, like Bitcoin, has shown modest dynamics over the past seven days, adding a little more than 0.5%. The second largest cryptocurrency by capitalization has not yet managed to gain a foothold above $2,100 and overcome the annual maximum of $2,140.8.
Source: tradingview.com
Ethereum did not experience any joyful or sad shocks this week. ETF applications are still being processed. At the same time, the SEC in a statement dated November 30
admitted receiving an application from a large financial company Fidelity.
Neural network ChatGPT-4
presented several scenarios for forecasting the price of ether for the fourth quarter of 2025. In the bearish version, it is assumed that the price of ETH will be $1,500. The neural network considers the main growth problems that may arise to be legislative pressure on the crypto industry and high competition. According to the neutral scenario, the cryptocurrency will be valued at $2,500 at the end of 2025, which is 16% higher than now. The bullish forecast puts ETH at $3,500 (67% higher than December 2023). ChatGPT4 calls the main reason for this movement the Bitcoin halving, which will cause an increase in BTC. Well, since the two largest cryptocurrencies are correlated, the growth of one will cause an increase in the price of the other.
Well-known analyst and trader Ali Martinez is positive about Ethereum. In his opinion, an important milestone was the ETH overcoming the resistance between $1,982 and $2,044. Martinez
believesthat there are not many obstacles ahead, and solid support from below will allow Ethereum to reach new annual highs.
From the point of view of technical analysis, the picture has not changed over the week. Ethereum is still sideways between the resistance levels of $2,140.8 and support of $1,906.7. It is worth noting a slight decrease in volatility. Since November 22, the ATR indicator has decreased by 16%: from 86 to 72.
Source: tradingview.com
Algorand
For a change, let’s take a look at the cost of the Algorand cryptocurrency. From November 24 to December 1, 2023, it increased by 3.54%. At the November 26 high, the price was even higher at $0.136. But then she fell. In general, the week saw equality between bullish and bearish investors: four positive trading sessions versus three negative ones.
Source: tradingview.com
The main news for the altcoin was the conclusion of a partnership between the project team and the United Nations Development Program (UNDP). As a result of this cooperation, a blockchain academy should appear in early 2024. The main focus will be to introduce UNDP staff to applications that
use this technology.
From a technical analysis point of view, Algorand has moved sideways after an upward trend from mid-October to mid-November, when it grew by more than 70%. Interestingly, in the last week, the coin formed a so-called “golden cross” – a situation when the fast 50-day moving average (indicated in blue) crosses the slow 200-day moving average (indicated in orange) from the bottom up. This is usually considered a bullish signal. However, it will be possible to speak with confidence about the continuation of the bullish trend only after overcoming the resistance level of $0.15. Support is at $0.123.
Source: tradingview.com
Conclusion
In short, the crypto market is waiting for significant news. For now, the value of cryptocurrencies remains virtually unchanged. The entire industry is waiting for at least some ETFs for spot bitcoin and ether to be issued in the United States.
This material and the information contained herein do not constitute individual or other investment advice. The editors’ opinions may not coincide with the opinions of the author, analytical portals and experts.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
