Get the latest news of bitcoin or cryptocurrency ups and downs or profit and loss. Read our latest cryptocurrency magazine here. We are writing weekly updates here. The rise in institutional appetite for Bitcoin is one of the major reasons for the new all-time high. Along with the spot markets, institutional investors are known to use the derivatives route to invest. Due to this, the CME Group, recently became the largest Bitcoin futures market, overtaking OKEx, according to Arcane Research.
In a separate report, data suggests that gold is under a bear grip and the weekly outflow has hit a new record. This suggests that some investors are booking profits in gold. Crypto analysts believe that some of the money from gold could enter the crypto markets and that may boost Bitcoin’s price further.
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Bitcoin corrected sharply on November 25 and 26. Although the price dipped below the 20-day EMA, the bears could not capitalise on this weakness and sustain the lower levels.
This suggests that traders viewed the fall as a buying opportunity. The strong bounce off the 20-day EMA has carried the BTC/USD pair near the psychological resistance of $20,000, as suggested in the previous analysis.
The upsloping moving averages and the RSI near the overbought territory suggest an advantage to the bulls. If the bulls can push and sustain the price above $20,000, the next leg of the uptrend to $25,000 could begin.
Conversely, if the bulls fail to sustain the price above $20,000, the pair may consolidate in a range for a few days before starting the next trending move.
The trend will turn in favour of the bears if the price turns down and plummets below $16,000.
We believe that the risk to reward ratio is not attractive. Hence, we will wait for the price to correct, stabilise, and form a bottom before proposing a trade..
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GOLD IS BEING DUMPED BY INVESTORS FOR BITCOIN; BTC BLACK FRIDAY SALE DRAWS IN NEW BUYERS
The yellow metal continues to get hammered. Today, gold fell further to $1,764, down 15% from its all-time high of $2,075 in early August, recording losses for four months in a row now.
COINBASE REPORTS DELAYS IN PROCESSING BITCOIN WITHDRAWALS DUE TO NETWORK CONGESTION
Deposits, buys and sells are not impacted, the exchange said. Coinbase has suffered a number of issues – mainly outages – during busy trading periods this year including most recently on Nov. 26.
RENOWNED HISTORIAN SAYS BITCOIN IS A GREAT PLACE FOR RICH PEOPLE TO STORE THEIR WEALTH
Renowned historian and Milbank Family Senior Fellow at the Hoover Institution at Stanford University, Niall Ferguson, says Bitcoin is emerging as a leading and reliable store of wealth.