- Bitcoin price looks strong and ready to conquer higher highs as it bounces off the 2-day demand zone, ranging from $60,018 to $63,567.
- Ethereum price action remains contained within the ascending parallel channel, eyeing a retest of the $5,000 psychological level.
- Ripple price struggles below the $1.31 to $1.41 supply zone, despite eyeing a retest of $2.
Bitcoin price has made it through the weekend with a bullish outlook and while the same can be said of Ethereum price, Ripple price is a whole other story. Investors can expect the choppiness in the cryptocurrency market to continue until BTC makes an authoritative move, commanding capital inflow from other altcoins into it.
Bitcoin price remains bullish
Bitcoin price set up a new all-time high at $69,000 on November 10 but since then has dropped 10%. The correction pushed the big crypto into the 2-day demand zone, however, ranging from $60,521 to $63,620.
This move gave BTC a base from which to launch a surge in bullish momentum, allowing it to rally 6.5%. While this uptick is optimistic, a daily close above $69,190 is required for confirmation of the uptrend. Doing so will solidify the bullish outlook and propel BTC to tag the 161.8% Fibonacci extension level at $77,525.
This upswing would constitute a 17% climb and set up a new high. In some cases, BTC could extend this run-up to $80,000.
BTC/USD 1-day chart
On the other hand, if Bitcoin price reenters the 2-day demand zone, ranging from $60,018 to $63,567, the upswing narrative could weaken a little. Further, if BTC produces a daily close below $60,018, it will completely invalidate the bullish thesis.
This move could further knock the big crypto down to $56,004.
Ethereum price action remains intact
Ethereum price has been on a constant uptrend since September 29, producing higher highs and higher lows. Connecting these trend lines results in the formation of an ascending parallel channel.
This upswing has been choppy, however, and is currently hovering above the $4,609 support floor after ETH set up a new high at $4,875. While Ethereum price is a few dollars away from tagging the $5,000 psychological barrier, it is not clear if the upswing will continue higher without a retracement.
Investors need to be cautious about trading ETH, therefore. From a long-term perspective, Ethereum price could still remain choppy and make a run for the 161.8% Fibonacci extension level at $6,387.
ETH/USD 1-day chart
A breakdown of the $4,609 support floor will indicate a weakness among buyers, and f Ethereum price produces a daily close below $4,387, it will create a lower low and invalidate the bullish thesis.
Ripple price struggles
Ripple price has struggled for more than three months now to successfully breach the $1.24 resistance level and stay above it. This consolidation will also face the $1.31 to $1.41 supply zone, which must be breached to confirm the uptrend.
In this scenario, Ripple price will retest the $1.54 resistance barrier and make a run for the $1.97 swing high formed on April 14. A daily close above this barrier will likely set XRP price on the path to retest the all-time high at $3.317.
XRP/USD 1-day chart
On the contrary, if Ripple price fails to move past the $1.24 resistance barrier, it will indicate a weakness of bullish momentum. This move will knock XRP price down by 17% to a stable support floor at $1. While the buyers can attempt a comeback here, a daily close below it will likely invalidate the bullish thesis and lead to a crash in XRP price back down to $0.85.
Bitcoin, Ethereum, Terra, Cardano Price Analysis ‒ 2 December Morning Prediction
- Major coin prices recede after a global market cap efflux of 1.78%.
- Bitcoin prices fall below $57K after a 1.45% value drop.
- Ethereum suffers a blow of 4.00% in the last 24-hours.
- Crypto favorites Terra (LUNA) and Cardano (ADA) see gains of 12.13% and 8.06%, respectively.
After witnessing a blow of 1.78% value drop, the global market cap has suffered a $0.06T loss after a recent efflux. The trading volume has dropped by 6.46% and is on a losing streak as the global market cap drops.
The decreasing market cap is due to the small but not unnoticeable; price drops among the various cryptocurrencies that sit among the top ten. Seeing slightly bearish runs and displaying red charts, Bitcoin, Ethereum, and Binance have recorded sudden value drops.
Is Apple Planning For Bitcoin Payments! Will BTC Network Volume Eclipse Visa And Mastercard Payments?
In an acute inflationary atmosphere, numerous cryptocurrency projects seem to be more appealing to investors. Possible threats of US inflation and the prevailing pandemic situation prompt investors to espouse Bitcoin payments. On the other hand, the network has been thriving hard to outstrip the network volumes of Visa and Mastercard.
The global crypto market cap raised its bar to the new highs on, as investors gush into Bitcoin investments as Federal Reserve chairman Jerome Powell made remarks on tapering of monthly bond purchases to occur a couple of weeks before than expected. This move would further result in a hike in the interest rates, resulting in hyperinflation.
Apple to Adopt Bitcoin Payments?
The reputed tech firms might lookout for investment opportunities that would help manage their purchasing power. Notably, top companies with significant cash reserves such as Apple ($191 billion), Google ($168 billion), Microsoft ($137 billion), Amazon ($86 billion), Facebook ($86 billion), and Oracle ($39 billion) might shift their gears to Crypto investments. Moreover, crypto market insight platform Bitcoin Archive is been optimistic about Apple’s adoption of Bitcoin payments.
However, crypto analyst Venturefounds recently made remarks on loss of purchasing power by $102 billion in retaliation of record break inflation rate in the US. Hence, possibilities are quite high that top-tier tech firms would soon roll out a red carpet to the Bitcoin payment adoption.
On the other hand, the Report of Blockdata confirms Bitcoin’s progressive move against PayPal, Visa, and Mastercard payments. Bitcoin network acclaimed an evaluated average of $489 billion per quarter in 2021. Besides Visa, Mastercard, and PayPal payments have recorded network volume worth $3.2 trillion, $1.8 trillion, and $302 billion respectively. However, the platform has been optimistic about the massive growth of Bitcoin’s payment network.
Collectively, investors all across the globe appear to be FOMO-ing Bitcoin. Hence, the flagship asset and other revolutionary cryptocurrency projects would experience sustainable growth in the near future. Especially, the platform has dragged more than 60 to 70% of investments during uncertainties such as pandemic and global financial crises.
Bitcoin tests traders’ nerves as analyst reissues $400K BTC price forecast
Bitcoin (BTC) was on repeat on Dec. 2 as markets watched another attack on $60,000 end in defeat.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
“Nothing has changed”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD back at $57,000 Thursday, having come full circle in 24 hours.
The pair had briefly hit $59,000 into the Wall Street open the day prior, this failing to hold as another round of macro triggers skewed sentiment to the downside once more.
Bitcoin thus fell in line with stocks reacting, it seemed, to continued concern over the new coronavirus omicron variant. The S&P 500 ended the day down 1.2%.
With a sense of frustration pervading crypto markets, analysts took the opportunity to reassert a longer-range perspective.
“It’s very simple. Below $60K I’ve remained cautious/bearish as I’d like to see that area flip,” Cointelegraph contributor Michaël van de Poppe summarized.
“Levels to watch for buys; $53K-54K zone and $47-50K zones for Bitcoin. When to buy altcoins? December. Nothing has changed past weeks.”
Those buy target lows were accompanied by renewed predictions for this cycle’s bullish peak, which, as in April this year, place BTC/USD at up to $400,000.
Fellow analyst TechDev, eyeing Fibonacci levels on the two-week chart, also described Thursday as “another day to zoom out.”
Open interest stays near all-time highs
On exchanges, open interest, meanwhile, remained a source of concern due to its sheer volume relative to price action.
Data from on-chain analytics firm Glassnode showed open interest on Bitcoin futures recently matching its second-highest levels in history, nearing its April record.
“At some point, this open interest is going to get flushed out one direction or the other,” analyst William Clemente commented.
Bitcoin futures open interest 7-day moving average chart. Source: William Clemente/Twitter
With cyclical price action characterizing the week, the mood thus stayed favoring an ultimate exit up or down, with derivatives structures being “reset” as a result.
Funding rates were mostly neutral across exchanges Thursday.