Price analysis 11/30: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
Bitcoin (BTC) has shrugged off the weakness in the United States equities markets and is attempting to start a recovery on Nov. 30. Buyers are attempting to achieve a monthly close above $17,000. This suggests that the selling that had picked up due to the FTX crisis may be reducing.
Usually, smaller investors panic and dump their holdings in a bear market but it has been the opposite with Bitcoin investors. According to Glassnode data released on Nov. 27, investors holding less than one Bitcoin, also called shrimps, bought 96,200 Bitcoin since the FTX crash.
Along similar lines, investors holding between 1 to 10 Bitcoin, classified as crabs, bought 191,600 Bitcoin over the past 30 days. This shows investors are continuing to accumulate at lower levels.
However, a sharp recovery in Bitcoin’s price is unlikely for some time. Trading firm QCP Capital believes that the United States Consumer Price Index data on Dec. 13 and the U.S. Fed’s policy decision on Dec. 14 could act as risk factors because many investors could be “forced to continually sell assets to raise liquidity.” QCP expects the situation to turn around only in the second or third quarter of next year after the Fed possibly pivots and releases liquidity in the system.
Could Bitcoin lead the cryptocurrency markets higher? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin turned up from $15,995 on Nov. 28 and broke above the developing descending triangle pattern on Nov. 30. This invalidated the bearish setup and may have attracted buying from the bulls who are trying to push the price above the 20-day exponential moving average ($16,910).
A close above the 20-day EMA will be the first sign that the bears may be losing their grip. The BTC/USDT
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