Bitcoin & Ethereum Market Overview: 29 November 2021

The whole crypto market’s market capitalization fell in response to the announcement of Omicron. Bitcoin’s price fell below RM 233,090.00, as selling pressure on local marketplaces rose. As for selling pressure increases, the price of bitcoin fails to rebound from a recent price drop. When reports of the new Covid variant emerged, the price of Bitcoin fell below RM 233,090.00. Governments throughout the world are imposing travel restrictions and issuing warnings as investigations begin.

Bitcoin (BTC)- A possible downturn in market capitalization and interest from investors has been reported in stock markets and cryptocurrencies. Cryptocurrency supporters believe that the asset provides volatility against volatility in traditional markets; nonetheless, the BTC price reduction leads to questions about the asset’s importance in an investor’s portfolio.


After a consistent gain since the early stages of 2021, the connection between Bitcoin and US tech equities has suddenly turned negative. Bitcoin’s price has dropped, which decreases the cryptocurrency’s value as a hedging tool against volatility.


Surprisingly, since the asset’s market capitalization has surpassed $1 trillion, the current cycle is expected to last longer than prior ones. This means that the ROI per cycle is lower or that the cycle is longer. On the “Fear and Greed Index,” trader sentiment on Bitcoin has shifted to “Fear.” The index is regarded as a barometer of traders’ sentiment toward the asset. “Fear” suggests that the asset is under heightened selling pressure.


El Salvador has amassed 100 additional Bitcoins in the middle of the current sell-off. Regardless of the fact that the International Monetary Fund (IMF) released a concluding statement requesting that El Salvador cut its BTC holdings, the country will continue to accumulate BTC. Researchers believed that the Bitcoin price trend and estimated that the market will reach RM 224,609.00 in obtaining stability.

Ethereum (ETH)- The price of Ethereum seems to settle and find steady support over RM 16,950.00. ETH tends to look to be ready for a prominent price surge, with a technical pattern indicating that the second-largest cryptocurrency by market capitalization is aiming to double its value in the long run.


The 50-day Simple Moving Average (SMA) and the 78.6% Fibonacci retracement level are likely to be the initial zones of resistance for Ethereum pricing at RM 17,844.00. Further resistance will appear at the 21-day simple moving average (SMA) of RM 18,734.00.


The token’s all-time high of RM 20,699.00 will then serve as a further impediment for Ethereum’s price, although a break above this level might reveal greater positive intentions for the ethereum.


Whereas if the price of Ethereum gets to breakthrough over the previous resistances, it may seek for the following remaining barrier before the bullish perspective is reinforced. The token would face numerous obstacles, including the 127.2% Fibonacci extension level at RM 24, 418.00, followed by the 161.8% Fibonacci extension barrier at RM 29,097.00.


Furthermore, if Ethereum’s price falls due to profit-taking, ETH will find its first level of protection at the September 3 high of RM 17,036.00, followed by the October 16 high of RM 16,790.00. The bottom range of the controlling technical pattern is RM 16,599.00, which coincides with the Momentum Reversal Indicator’s support line (MRI).


Investors should keep in mind that if the Ethereum price falls below the mentioned support level, the bullish assumption may be falsified, and ETH may continue to plummet as it seeks stable support at the 100-day SMA at RM 15,943.00, and at the 61.8% Fibonacci retracement level at RM 15,574.00.

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