. Daily Crypto Analysis - Bitcoin Skyrockets Past $42,000, Igniting $140B Crypto Frenzy.

Daily Crypto Analysis – Bitcoin Skyrockets Past $42,000, Igniting $140B Crypto Frenzy.

Daily Crypto Analysis – Bitcoin Skyrockets Past $42,000, Igniting $140B Crypto Frenzy.

05 Dec 2023

Introduction

In the late-year rally, cryptocurrencies have overshadowed traditional assets, with the original digital asset, Bitcoin (BTC), leading the charge. Bitcoin has surged beyond the $42,000 mark, reaching $42,300, a 20-month high and a level not seen since before the Terra stablecoin collapse. The entire digital-asset space has witnessed a remarkable increase of $140 billion in just three days, elevating the market’s overall capitalization to $1.54 trillion, up from $1.4 trillion, with Bitcoin commanding over 52% of this valuation.

Market In Focus Today – BTC/USD

BTC/USD: Bitcoin Surges Beyond $42,000 Amid ETF Euphoria, Injecting $140 Billion into Crypto Market

Crypto’s late-year rally overshadows traditional assets as the OG token is up 150% so far in 2023, largely in anticipation of a spot BTC ETF. The price of Bitcoin BTCUSD surged through the $42,000 mark on Monday, and remains well-bid in Tuesday’s early dealmaking. Crypto investors flocked to the original digital asset, pushing its price to $42,300, a 20-month high, going back to the levels before the spectacular Terra stablecoin collapse. Gains in cryptoland were broad-based as the entire digital-asset space is now $140B more expensive than it was just three days ago. More precisely, the market’s overall capitalization has topped $1.54tn, up from $1.4tn. Bitcoin holds a little over 52% of that valuation. Steering the gains, on the one hand, is the red-hot expectation that the Securities and Exchange Commission will greenlight the first US spot Bitcoin exchange-traded fund. There is also the consensus view that the Federal Reserve is done raising interest rates and may soon start cutting to let some air in after the aggressive rate-hike campaign.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 39548.06 | Positive Crossover | Bullish
  • MA 20 : 38372.35 | Positive Crossover | Bullish
  • MA 50 : 35752.88 | Positive Crossover | Bullish

Simple :

  • MA 10 : 39017.90 | Positive Crossover | Bullish
  • MA 20 : 38029.10 | Positive Crossover | Bullish
  • MA 50 : 35669.75 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 75.42 | Sell Zone | Bearish

Stochastic   Oscillator : 92.54 | Sell Zone | Bearish

Resistance   And Support Levels :

  • R1 : 42000 R2 : 45258
  • S1 : 37881 S2 : 35551

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 42000 | Take Profit : 45258 | Stop Loss : 39785

Elsewhere In The Crypto Market

Max Keiser, a prominent Bitcoin supporter and long-term holder, has proudly announced a staggering 20,000,000% gain on his Bitcoin holdings since 2011. Keiser, a vocal Bitcoin maximalist, has been a firm believer in the transformative potential of BTC since he began accumulating it three years after the creation of the first Bitcoin block. While Keiser hasn’t officially disclosed the amount of Bitcoin he owns, he adheres to the security principle of not revealing holdings on social media. Despite this, it’s evident that, like many early Bitcoin adopters, Keiser holds a substantial amount of BTC. His recent tweet emphasizes his remarkable gain and commitment to Bitcoin. Bitcoin’s recent surge to $42,000 has contributed to its 106% increase since 2020, outpacing gold, which rose by 16% and reached $2,130. Keiser remains optimistic about Bitcoin’s future, setting a long-term price forecast of $220,000. He even speculates on the possibility of a “God candle” pushing Bitcoin to $100,000 in a single tick, fueled by rumors of Qatar’s state interest in acquiring $500 billion worth of BTC. Keiser takes a dig at altcoins and gold, asserting that both will “continue trending toward zero against Bitcoin forever.” Despite reaching significant highs this year, Bitcoin is trading around 40% below its 2021 all-time high of $69,000. Interestingly, Bitcoin’s market capitalization has surpassed Berkshire Hathaway’s, with $813.5 billion compared to $788 billion for the investment fund led by Warren Buffett. The Bitcoin community, confident in the asset’s potential, remains steadfast in holding, resisting potential sales to financial institutions like BlackRock and Fidelity. These institutions have sought approval for Bitcoin spot ETFs, expecting regulatory clearance by January 2024, which could drive BTC to new highs. In summary, Max Keiser’s impressive gain underscores the long-term potential of Bitcoin, aligning with the broader cryptocurrency community’s belief in the digital asset’s transformative power and its resilience against traditional assets.

Key Economic Events & Data Release Today:

8:30PM(IST)-USD-ISM Services PMI, JOLTS Job Openings