. Weekly Crypto Analysis - Bitcoin Rockets to $39,011 on SEC-Boosted ETF Optimism.

Weekly Crypto Analysis – Bitcoin Rockets to $39,011 on SEC-Boosted ETF Optimism.

Weekly Crypto Analysis – Bitcoin Rockets to $39,011 on SEC-Boosted ETF Optimism.

02 Dec 2023

Introduction:

In the world of cryptocurrency, explore pivotal Bitcoin accumulation points preceding the January 2024 ETF approval. Despite persistent sell signals, potential corrections loom with a 10-15% decline, yet a bullish scenario hinge on overcoming the $40,100 resistance. BTC’s resilience, driven by ETF anticipation, faces holiday-related fluctuations around $37,000. Additionally, insights into Ethereum and Solana’s bullish trends, alongside Dogecoin’s rebound, mark significant developments in the crypto market.

Bitcoin:

Bitcoin Is Aiming for $40,000 as Spot ETF Confidence Rises.

On Friday, Bitcoin (BTC) reached a fresh high for 2023, touching $39,011. The momentum, driven by BTC-spot ETF activity, has the potential to push it to $40,000 over the weekend.

On Friday, Bitcoin saw a 2.60% increase, closing the session at $38,721. The surge to $39,000 was fuelled by investor optimism anticipating the SEC’s approval of several BTC-spot ETFs.

Buyer demand in Bitcoin was driven by investor expectations of the SEC approving a series of BTC-spot ETF applications.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 38244.76 | Positive Crossover | Bullish
  • MA 20: 37237.58 | Positive Crossover | Bullish
  • MA 50: 34940.69 | Positive Crossover | Bullish

Simple:

  • MA 5: 38165.60| Positive Crossover | Bullish
  • MA 20: 37279.85 | Positive Crossover | Bullish
  • MA 50: 34715.29 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.14| Buy Zone | Bullish

Stochastic Oscillator: 79.08| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 38910.93 | R2: 44237.71
  • S1: 35472.13 | S2: 32033.32

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 40259.48 | Take Profit: 44237.71 | Stop Loss: 38169.23.

Elsewhere In the Crypto Market.

The Ethereum (ETH) price is currently in a state of consolidation, lacking a clear directional bias. Solana is poised to potentially increase its gains, given the anticipated influx of users during the DeFi airdrop season. Ripple (XRP)price remains without a clear direction, despite Bitcoin (BTC) struggling to breach the $40,000 mark.

Bitcoin up (0.06%) at 38,730, Ethereum up (0.52%) at 2,099.4, Litecoin up (0.43%) at 71.81, Solana up (2.25%) at 62.08, Doge coin down (0.18%) at 0.083.

Key Economic Events & Data Release for Upcoming Week:

(CHF) CPI (MoM) (Nov) (Monday).

(EUR) ECB President Lagarde Speaks (Monday).

(AUD) RBA Interest Rate Decision (Tuesday)

(USD) JOLTs Job Openings (Oct) (Tuesday).

(USD) ISM Non-Manufacturing PMI (Nov) (Tuesday).

(AUD) GDP (QoQ) (Q3) (Wednesday).

(EUR) Retail Sales (MoM) (Oct) (Wednesday).

(GBP) BoE Gov Bailey Speaks at 16:30 (Wednesday).

(USD) ADP Nonfarm Employment Change (Nov) (Wednesday).

(CAD) BoC Interest Rate Decision (Wednesday).

(AUD) Building Approvals (Thursday).