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BTC price with stronger support, ready for December take off?

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BTC price with stronger support, ready for December take off?

  • Bitcoin is currently trading around $56,740.82, down 1.49%

  • The Bitcoin fear and greed index on Tuesday, November 30, 2021, went from the fear level of 33 to the level of 40

  • MicroStrategy has added another batch of  7,002 BTC to their treasury

BTC price with stronger support
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

RSI sees “bullish engulfing”

BTC/USD reversing to local lows of $55,920 on Bitstamp overnight.

The pair then recovered to circle $56,500 at the time of writing, with analysts keeping the faith on higher timeframe strength.

Popular Twitter personality TechDev noted that Bitcoin’s stochastic relative strength index (Stoch RSI) had “reset” to levels that echo BTC/USD at $44,000 — just before the run that culminated in all-time highs.

“Bullish engulfing printed on stoch RSI cross with RSI reset to 44K levels,” he summarized alongside the three-day chart.

Bitcoin’s late strength Monday coincided with a return to form for macro markets and news that Twitter CEO Jack Dorsey had quit the company to focus entirely on Bitcoin activities.

While $60,000 remained out of reach of bulls, signs of a marked shift in sentiment were everywhere.

“Bitcoin high timeframe structure is bullish. Cycle awareness is key,” TechDev added in a separate post.

The Crypto Fear & Greed Index, days ago in “extreme fear” territory, looked set to enter its “neutral” zone with a score of 40/100 Tuesday.

BTC price with stronger
Crypto Fear & Greed Index

To signify that the corrective phase is ended, the bulls must push the price above the 50-day simple moving average (SMA) ($60,805). The rally might then test the overhead resistance zone between $67,000 and $69,000. If the market falls drastically from the 20-day EMA, the bears will attempt to break through the solid support at the 100-day SMA ($54,184). If this occurs, the BTC/USDT pair may fall to the psychologically important level of $50,000.

Also Read| Sensex surges over 500 points while Nifty tops 17,200 in early trade

The Bitcoin fear and greed index on Tuesday, November 30, 2021, went from the fear level of 33 to the level of 40 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

Also Read| Gold, silver and other metal prices on November 30, 2021

Bitcoin is currently trading around $56,740.82, down 1.49%. In the last 24 hours, the highest it touched was $58,872.88 and the lowest was $56,526.90. Bitcoin has a current market cap of $1,069,603,959,936. It has a circulating supply of 18,886,912.000 BTC coins and a maximum supply of 21,000,000 coins.

Also Read| Petrol stays at Rs 103.97, diesel Rs 86.67 in Delhi; check November 30 fuel prices

MicroStrategy Buys Additional 7,002 Bitcoin (BTC) Worth $414 Million

MicroStrategy, the business intelligence firm that became the pioneer of Institutional Bitcoin (BTC) adoption has added another batch of  7,002 BTC to their treasury. Michael Saylor, the CEO of the firm revealed that they invested over $414 million and bought the latest batch of BTC at an average price of $59,187. The latest purchase takes the total Bitcoin holdings of Microstrategy to 121,044 BTC, bought at an investment of $3.57 billion. MicroStrategy’s BTC investment has already given a 100% return within two years of its investment.

No proposal to recognise Bitcoin as a currency in India: Finance Minister

The Indian Finance Minister, Nirmala Sitharaman said in a reply to the Lok Sabha on Monday that the government is most definitely not seeking to deem Bitcoin as a currency in the country. However, she did not mention anything about banning crypto and the suspension of trading activities. This further reaffirmed the information from inside sources that the government is only considering regulating crypto as an asset while prohibiting its use as a form of payment.

New York fed launches Fintech Research Wing with BIS help

The Federal Reserve Bank of New York launched the New York Innovation Center (NYIC) to build and test new financial technology, including central bank digital currencies (CBDC), stablecoins, and cross-border payments, the central bank division announced Monday.

The NYIC is the result of a strategic partnership between the New York Fed and the Bank for International Settlements’ (BIS) Innovation Center. Jerome Powell, chair of the U.S. Federal Reserve, said the innovation center will foster collaboration and the sharing of expertise among central banks, during a virtual event marking the launch of the NYIC.

The total cryptocurrency trading volume over the last 24 hours was $107.71 billion, decreasing by 2.55 percent. While DeFi ($14.94 billion) accounted for 13.87 percent of the total crypto volume, stablecoins ($84.33 billion) made for 78.29 percent of the crypto market’s 24-hour market volume.

As for major cryptocurrencies, Bitcoin fell by 0.50 percent, while Ethereum ($4,483.11), which surged by 3.31 percent. Binance Coin ($626.81) rose by around 3.31 percent. Additionally, Solana ($205.30), Cardano ($1.60), Avalanche ($121.66) and Polkadot ($36.74) also rose by 1.80 percent, 0.24 percent, 7.85 percent, and 0.94 percent respectively. Memecoins SHIB and DOGE also surged around 13.05 percent and 5.95percent respectively.

As India deliberates the impending crypto legislation, e Union Finance Minister Nirmala Sitharaman said in a response in the Parliament yesterday that there is no proposal to recognise Bitcoin as a currency. Sitharaman also mentioned that the government does not collect data on Bitcoin transactions.

Amidst this, Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the government is preparing legislation to effectively bar most private cryptocurrencies. Reportedly, the company has launched its web and app platform and plans branches in Bangalore, New Delhi, and Mumbai to begin with.