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Bitcoin Returns To $60K, What’s Holding Off From New ATHs?

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At the time of writing, Bitcoin has smashed its way through the $60,000 resistance and seems ready to take on new highs. The first cryptocurrency by market cap records a 11.6% and 4.2% profit in the weekly and daily charts, respectively.

Bitcoin BTC BTCUSD
BTC rejected from the $60k zone in the daily chart. Source: BTCUSD Tradingview

Pseudonym analyst Pentoshi expects Bitcoin to entered uncharted territory in the near future. As he pointed out, BTC’s price was capable of breaking out of its macro low high by forming a new trend.

Related Reading | TA: Bitcoin Key Indicators Suggest Upside Continuation To $62K

As seen below, Bitcoin has created an important support at the $50,000 levels with a two potential targets for Q4, 2021. The first located at $70,000 and the second at $85,000.

Bitcoin Gets Stronger As The Bulls Take Over

Data provided by analyst William Clemente in a report by Blockware Intelligence paints a bullish picture for Bitcoin. Less than 1% of BTC’s supply has been move above current levels.

Therefore, the report claims there is “very little resistance or overhead supply to the upside”. The Bitcoin Entity-Adjusted Spent Output Profit Ratio (SPOR), a metric used to measure realized profit and loss for holders, sits well above 1.

As seen below, the last time this metric stood above 1 or higher was during April 2021 when Bitcoin was trading in its all-time high of $64,500.

Bitcoin BTC BTCUSD
Source: Glassnode via Blockware Intelligence

There is some significant movement in the derivatives sector with the potential approval of a BTC Exchange Traded Fund (ETF) in the U.S. As reported by NewsBTC, this possibility is one of the reason the market has flipped bullish.

Related Reading | Bitcoin Futures ETF Is Coming, No SEC Opposition

The report expects that the BTC ETF approval to create new opportunities for institutional investors to enter the crypto market, suggesting fresh capital coming in, to take a “non-directional position in the Bitcoin market”.

Thus, institutions will be able to profit from the arbitrage created between the spot and futures market.  In addition, the Futures Annualized Rolling Basis indicates more upside pressure, as the report said:

This means less convexity to the downside and shorts are more likely to be squeezed as they no longer have an inadvertent hedge via their collateral. I suspect that this will reverse once breaking all time highs but we’ll keep an eye on it.

Bitcoin BTC BTCUSD
Source: Glassnode via Blockware Intelligence

Bitcoin Whales Drive The Trend

On-chain activity has followed the bullish momentum in Bitcoin with an increased in large transactions and trading volume over the past 30-days. A quick look at explorer mempool.space shows a rise in transactions fees over the past 24 hours.

Related Reading | Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K

However, as the analyst said, whales are dominating the market as suggested by the lack of rise in google searches related to cryptocurrencies and on-chain metrics, the report said:

(…) we’ve actually seen the 100-1K cohort offset their selling by over 1,000 BTC in that time period. Overall, conclusion is that large buyers have indeed been active in the market

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Source: https://www.newsbtc.com/news/bitcoin/bitcoin-returns-60k-holding-off-aths/

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Bitcoin cools from 1-week highs with key long-term metric echoing $44K

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Bitcoin (BTC) returned to cement higher support on Nov. 30 after the latest BTC price comeback halted near $59,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

RSI sees “bullish engulfing”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing to local lows of $55,920 on Bitstamp overnight.

The pair then recovered to circle $56,500 at the time of writing, with analysts keeping the faith on higher timeframe strength.

Popular Twitter personality TechDev noted that Bitcoin’s stochastic relative strength index (Stoch RSI) had “reset” to levels that echo BTC/USD at $44,000 — just before the run, which culminated in all-time highs.

“Bullish engulfing printed on stoch RSI cross with RSI reset to 44K levels,” he summarized alongside the 3-day chart. 

Bitcoin’s late strength Monday coincided with a return to form for macro markets and news that Twitter CEO Jack Dorsey had quit the company to focus entirely on Bitcoin activities.

While $60,000 remained out of reach of bulls, signs of a marked shift in sentiment were everywhere.

“Bitcoin high timeframe structure is bullish. Cycle awareness is key,” TechDev added in a separate post.

The Crypto Fear & Greed Index, days ago in “extreme fear” territory, looked set to enter its “neutral” zone with a score of 40/100 Tuesday.

Crypto Fear & Greed Index. Source: Alternative.me

Ethereum avoids breakout against BTC

For Ether (ETH) against Bitcoin, the picture was mixed.

Related: Where will BTC end November 2021? 5 things to watch in Bitcoin this week

As altcoins saw broadly flat performance over the past 24 hours, trader Crypto Ed highlighted a rising wedge pattern on the 4-hour timeframes for ETH/BTC. The weekly chart produced similar characteristics.

Rising wedge structures are often seen as a potential bear flag due to their tendency to break to the downside. 

ETH/USD traded at $4,400 at the time of writing, nonetheless up 7.3% over the past week.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView


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Source: https://cointelegraph.com/news/bitcoin-cools-from-1-week-highs-with-key-long-term-metric-echoing-44k

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Kraken exchange defies competitors’ regulatory concerns with SHIB listing

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United States-based digital asset exchange Kraken has announced it will begin supporting the viral meme coin Shiba Inu (SHIB) as of Nov. 30.

There will be a minimum deposit of 373,000 SHIB ($16 USD), and the minimum trading volume is 50,000 SHIB ($2 USD). SHIB will initially be tradeable against the USD and Euro pairs, however, Kraken Futures and Margin Trading for SHIB won’t be available at launch.

Australian managing director at Kraken Jonathon Miller told Cointelegraph that the crypto marketplace supports projects with a clear demand for trading, including SHIB.

At the time of publishing, SHIB is the 12th-largest cryptocurrency with a market capitalization of $25.81 billion. SHIB has surged over 20% in the last 24 hours on the listing news.

Miller added: “I wouldn’t describe Kraken as being the place where every single coin is listed, that’s not been what we have been known for.”

Kraken is one of the least conservative exchanges with 93 assets on the exchange in total. Meanwhile, Coinbase supports 51 assets and Robinhood only supports seven.

Other exchanges have been hesitant to list the Dogecoin-inspired altcoin over regulatory concerns, despite increasing pressure from their users. On Nov. 26 SHIB surpassed 1 million holders, despite trading 50% below its all-time high.

On Nov. 10, Robinhood chief operating officer Christine Brown said that the platform’s “strategy is different than a lot of the other players out there who are racing to list as many assets as possible right now.” The Change.org petition requesting that Robinhood lists the Shiba Inu Coin has amassed over half a million signatures.

Miller added: “There are certain services that we have that don’t really fit the regulatory mold. So there’s this gray area that the whole industry exists in, and that’s not specific to us.”

“That’s just the nature of the fact that we’re dealing with an innovative technology that really doesn’t have doesn’t necessarily fit the criteria that existing regulators perceive as possible.”

Related: Reserve Bank warns Aussies over punting on ‘fad driven’ cryptocurrencies

Describing the current regulatory climate for digital asset exchanges, Robinhood’s chief legal officer Dan Gallagher said at the Georgetown University Financial Markets Quality Conference on Nov. 19 that “It’s a very tense situation, and it does call for regulatory clarity which we haven’t seen yet.”


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Source: https://cointelegraph.com/news/kraken-exchange-defies-competitors-regulatory-concerns-with-shib-listing

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Ethereum privacy protocol Tornado Cash to launch on L2 Arbitrum

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Tornado Cash is about to get a scaling boost as the privacy protocol prepares for deployment on the Ethereum layer two network Arbitrum. 

Tornado Cash’s smart contracts are ready to roll on thArbitrum Layer 2 scaling network following contributions from the community to ensure the stability of the protocol.

The Nov. 29 announcement explained that deploying on Arbitrum will “allow users to take advantage of all the benefits a Layer 2 can offer, with cheaper transactions being the biggest comparative advantage.”

Tornado Cash is a fully decentralized Ethereum (ETH) mixer protocol. Tornado Cash masks the path that tokens such as ETH take from sender to receiver, providing completely private transactions without the need to use privacy-focused coins.

Layer two networks on Ethereum boast faster transactions and cheaper fees while still benefiting from the security and decentralization of Ethereum.

The Tornado Cash team believes that the deployment onto Arbitrum will allow more users to perform private crypto transactions while avoiding Ethereum’s high gas fees. L2 transactions are expected to be around 95% cheaper than those on L1 Ethereum according to the team.

In order to use Tornado Cash on Arbitrum, users must first send ETH, ERC-20, and ERC-721 tokens from Ethereum to Arbitrum via the Arbitrum Bridge.

Related: DeFi TVL hits new highs while Metaverse tokens show signs of exhaustion

Arbitrum is currently the biggest L2 on Ethereum with $2.68 billion in total value locked, representing 39% of the L2 market share. This is second only to Boba Network’s $1.38 billion in TVL, making Boba and Arbitrum the only two L2’s with over $1 billion in TVL, according to L2Beat.

The number of unique addresses on Arbitrum has grown steadily since September, and stands at 291,876 as of the time of writing. Tornado Cash has $847 million in TVL according to DeFiPulse.

As reported by Cointelegraph, Tornado Cash unveiled its TORN governance token in Dec. 2020 and airdropped them to users in Feb. 2021.


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Source: https://cointelegraph.com/news/ethereum-privacy-protocol-tornado-cash-to-launch-on-l2-arbitrum

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