. Daily Crypto Analysis - Bitcoin Nears $41,000 as $1B Exits, SEC Boosts Bullish Outlook.

Daily Crypto Analysis – Bitcoin Nears $41,000 as $1B Exits, SEC Boosts Bullish Outlook.

Daily Crypto Analysis – Bitcoin Nears $41,000 as $1B Exits, SEC Boosts Bullish Outlook.

29 Nov 2023

Introduction:

In the cryptocurrency market, Bitcoin sets its sights on the $41,000 target amid declining BTC balances on exchanges. Over the past two weeks, a significant $1 billion worth of Bitcoin has been withdrawn. Additionally, anticipation builds as Bitcoin’s price hovers around $38,000, with expectations of multiple approvals for Spot Bitcoin ETFs, following the SEC’s call for public feedback on Franklin Templeton’s ETF application. Meanwhile, XRP eyes a 10% rise, testing a supply zone, and Ethereum (ETH) anticipates a 5% increase to challenge the $2,141 range high.

Bitcoin:

Bitcoin aims for the $41,000 target as the balance of BTC on exchanges continues to decrease.

Over the past two weeks, $1 billion worth of Bitcoin has been withdrawn from exchanges. The SEC’s call for public feedback on Franklin Templeton’s Spot Bitcoin ETF has heightened expectations for approval.

Bitcoin’s price anticipates a bullish breakout, hovering near $38,000 early on Wednesday. Market participants expect multiple approvals for Spot Bitcoin ETFs, with the US Securities and Exchange Commission (SEC) seeking public feedback on Franklin Templeton’s ETF application.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 37775.79 | Positive Crossover | Bullish
  • MA 20: 37519.89| Positive Crossover | Bullish
  • MA 50: 37052.00| Positive Crossover | Bullish

Simple:

  • MA 5: 37664.00 | Positive Crossover | Bullish
  • MA 20: 37526.34| Positive Crossover | Bullish
  • MA 50: 37155.76| Positive Crossover | Bullish

RSI (Relative Strength Index): 57.03| Buy Zone |Bullish

Stochastic Oscillator: 100.00| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 38355.72| R2: 40370.47
  • S1: 36936.82| S2: 35347.17

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 38717.23 | Take Profit: 40370.47 | Stop Loss: 37763.44.

Elsewhere In the Crypto Market

XRP has the potential to rise by 10%, testing the supply zone ranging from $0.6582 to $0.7186, thereby confirming the uptrend above $0.6857. Ethereum (ETH) price is aiming for a 5% increase to challenge the $2,141 range high before a potential correction, with the bullish breaker maintaining its role as a support zone.

Bitcoin up (0.81%) at 38,148.00, Ethereum up (0.27%) at 2,055.7, Litecoin up (0.16%) at 69.86, Solana up (8.17%) at 60.80, Doge coin up at (1.2%) at 0.81 as of writing time.

Key Economic Events & Data Release Today:

(NZD) RBNZ Interest Rate Decision Actual 5.50%, Forecast 5.50%, Previous 5.50% at 06:30.

(NZD) RBNZ Press Conference at 07:30.

(EUR) German CPI (MoM) (Nov) Forecast –0.2%, Previous 0.0% at 18:30.

(USD) GDP (QoQ) (Q3) Forecast 4.9%, Previous 2.1% at 19:00.

(GBP) BoE Gov Bailey Speaks at 20:35.