Bitcoin (BTC) briefly broke above $17,000 yesterday morning and then found support around $16,900. Yesterday evening, after the speech of the Federal Reserve chairman and shortly before the end of the month, the BTC price made another big jump.
Bitcoin peaked around $17,250 last night, but is dropping towards $17,000 this morning. The BTC price stands at $17,100 on Binance and $16,400 on Bitvavo at the time of writing.
Today is the final day of November and #Bitcoin is going to produce the 12th consecutive red monthly Heikin Ashi candle.
After 5+ months of red candles, a green monthly candle has marked the end of each bear market.
Each red streak has been longer than the last. #Solitaire pic.twitter.com/BbHdBQ0SRf
— Caleb Franzen (@CalebFranzen) November 30, 2022
This means that the bitcoin price is up 1.2% today. Trading volume increased by 2% in the last 24 hours. The total market capitalization is $328 billion and the dominance is 38.3%.
Despite this, bitcoin closes the month in the red and the price is 17% down compared to November 1. The Fear & Greed Index comes out at 27 (Fear).
The real #Bitcoin Fear & Greed Index pic.twitter.com/0FGZf6tdMX
— On-Chain College (@OnChainCollege) November 30, 2022
Fed speech causes share price rises
Last night’s rise followed Fed Chairman Jerome Powell’s speech. Although he didn’t provide much clarity and not exactly dovish sounded, he might have been less hawkish then feared. The market therefore expects the next rate hike to be 0.5% and not 0.75%.
*FUTURES TIED TO FED POLICY RATE IMPLY ABOUT 78% CHANCE OF A 50BPS RATE HIKE DECEMBER, USA 21% CHANCE OF A 75BPS HIKE pic.twitter.com/sZ4rT3MA46
— Investing.com (@Investingcom) November 30, 2022
We will find out exactly how high this will be after the next Federal Open Market Committee (FOMC) meeting on December 14. It takes place immediately after the next US consumer price index (CPI).
That could therefore be a few very volatile days. Not only crypto rose last night, other markets, such as the S&P 500, also saw a significant rebound.
*Wednesday Heat Map: pic.twitter.com/Eicarsj7Cc
— Jesse Cohen (@JesseCohenInv) November 30, 2022
Interview with Sam Bankman-Fried
That was not the only event yesterday. Also yesterday was the interview with Sam Bankman-Fried, the former CEO of the collapsed FTX, during the New York Times Dealbook Summit. Several curious statements were made. More on this later on Crypto Insiders.
SBF is getting a light cross-examination at the NYT/Dealbook Summit and has made at least 3 incriminating statements so far.
Why are his lawyers (or parents) letting him do this?? pic.twitter.com/Nd0poutAA0
—Jeremy Hogan (@attorneyjeremy1) November 30, 2022
Then yesterday we had a European Parliament hearing on the FTX crash. More about this will follow later on Crypto Insiders.
My main takeaways from the EU Parliament FTX hearing today:
1. MEPs note that FTX ≠ crypto
2. MiCA is final & the EU will push it globally
3. Reverse application rules will be very strict
4. EU supervisory harmonization will be a focus #CyprusSee the thread below for quotes. https://t.co/kSiKW5iJX0
— Patrick Hansen (@paddi_hansen) November 30, 2022
Is the market bullish or bearish on bitcoin?
Market sentiment seems to be recovering somewhat, reports researcher Ki Young Ju, CEO of CryptoQuant. He bases that on the hourly BTC premium price on Coinbase which is positive for the first time since the FTX crash.
Market sentiment in the US is getting recovered. $BTC hourly price premium in Coinbase turned positive for the first time since the FTX bank run.https://t.co/XQXuT8R0oW pic.twitter.com/3vXy2tFtuy
— Ki Young Ju (@ki_young_ju) November 30, 2022
However, bitcoin miners are under heavy pressure due to the low price and high costs. That could lead to more capitulation. It already means that we are currently seeing the third-highest BTC sales from miners ever, reports Charles Edwards:
We are seeing the 3rd highest Bitcoin Miner selling of all time. The level of Bitcoin miner stress today is seconded only by 2 other occasions. The 2 other times? Bitcoin was just $290 and, get this… $2.10! pic.twitter.com/tKmKiAh8jO
— Charles Edwards (@caprioleio) November 30, 2022
In addition, analyst Byzantine General reports that people again short to go. This means that these investors expect another decline. However, it can also lead to a so-called short squeeze if they are wrong.
Damn people are already shorting again it seems.$BTC pic.twitter.com/dxs7tdY0bf
— Byzantine General (@ByzGeneral) December 1, 2022
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