Bitcoin’s Bullish Trajectory Intact, But December Pump to $100K Looks Unlikely

Bitcoin Trapped Between Key Fibs

The latest moves in crypto markets, in context Edited by Omkar Godbole December 2, 2021 Sponsored by     Bitcoin (BTC) See the latest price here Ether (ETH)  See the latest price here If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Bitcoin Vulnerable to Leverage Washouts, Year-End Profit Taking   Technician's Take: Bitcoin Stuck Between Key Fibs And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time.   – Omkar Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Top Gainers: Cardano (ADA): +8.2% Uniswap (UNI): +3% Polygon (MATIC): +1% Top Losers:  Aave (AAVE): -7.5% Chainlink (LINK): -6.2% The Graph (GRT): -4.9% The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges. A Message from Bybit It's always a good time to join Bybit's global community of traders, but there's simply no better time than right now! With Bybit Rewards Hub, you can earn up to $200 for completing simple tasks while making trades.   There are several rewards currently available, including 'A Big Deal'. If you are a new user, all you have to do is make a first time deposit of selected asset(s) to receive a $50 coupon*.   Plus, make it a win-win when you invite your friends to join Bybit! For every successful referral, both you and your friend will be entitled to a $20 bonus.   Kickstart your trading journey with Bybit and get rewarded for it. *Terms and conditions apply.   Sign up now!   Market Moves by Omkar Godbole Bitcoin traded under pressure, having faced rejection near $59,000 for the third straight day on Wednesday. While the cryptocurrency's overall trend remains constructive, analysts are unsure if a December pump to $100,000 is still plausible, as called for in some price-prediction models.   According to Laurent Kssis, a crypto exchange-traded fund (ETF) expert and director of CEC Capital, the largest cryptocurrency remains vulnerable to price pullbacks fueled by leverage washouts and potential liquidation of long positions by institutional investors.    "With the end of year fast approaching, most investors will probably unwind their risk-on position, allowing them to present decent yearly performance," Kssis said. "We do not see a bull run in December."   Matthew Dibb, COO and co-founder of Stack Funds, said the chance of bitcoin rallying to $100,000 is getting slimmer by the day since the macroeconomic environment doesn't appear price supportive, especially with Federal Reserve Chairman Jerome Powell's recent hawkish turn.    Dibb added that traders are showing renewed interest in ether and other coins associated with layer 1 blockchains. The ether-bitcoin (ETH/BTC) ratio has broken out of its multi-month consolidation, signaling ether leadership ahead or rotation out of bitcoin into ether and other alternative cryptocurrencies in coming weeks. Also read: Bitcoin's Bullish Trajectory Intact, but December Pump to $100K Looks Unlikely: Analysts Technician's Take by Omkar Godbole Bitcoin Stuck Between Key Fibs Bitcoin's daily chart with Fibonacci retracements of the rally from the July low to November high (Source: TradingView) Bitcoin is stuck in a narrow range, with the 38.2% Fib offering support and the 23.6% Fib capping price bounces.  A breakout would expose record highs near $69,000. A Message from Amber Amber Group is an integrated digital asset platform serving retail and institutional clients by providing deep liquidity, attractive yields, and sophisticated portfolio management tools. With 12 offices on three continents, and nearly a trillion dollars in volume traded, Amber Group offers clients personalized, compliant, and secure service across dozens of digital assets.   Find out more at www.ambergroup.io   BOLO Be on the lookout for the following events today: 13:30 UTC (08:30 a.m. ET): U.S. Initial Jobless Claims (Nov. 26) ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   Venture Capital Investor Tim Draper on Crypto, Investment Strategy and the State of Economy   "First Mover" hosts speak to prominent venture capitalist Tim Draper for his insights on the crypto markets, the booming NFT space, the state of the economy, and his investment strategy. Plus, NFT Ecosystem Enjin CTO Witek Radomski shares details behind the $100 million metaverse fund for Efinity.   Latest Headlines Badger DAO Protocol Suffers $120M Exploit The yield vault protocol has fallen victim to an exploit that may have targeted its front end. Want Stocks With NFT Exposure? This ETF Has You Covered The product from Defiance ETFs tracks a basket of crypto-related stocks, some of which are dabbling in NFTs. FiCAS Subsidiary Bitcoin Capital Lists Actively Managed Bitcoin, Ethereum ETPs in Switzerland Through active management, the products are designed to counter the price volatility inherent to crypto assets. Three Arrows Leads $4.3M Round for Solana-Based Metaverse Project Solice Solice is bringing VR to the mix in a bid to compete with Decentraland and The Sandbox. Bitmain-Backed BitFuFu Abandons Mining Rigs In Kazakhstan Due to Power Rationing The company has shipped new machines to the U.S. to make up for the lost hashrate. Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.  First Mover A newsletter from CoinDesk Copyright © 2021 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA Manage your newsletter subscriptions  |  Unsubscribe from all CoinDesk email