KEY MARKET INSIGHTS

The Week That Was - Btc / USD

Decision time looms, but world events point downward for Bitcoin...

This week has seen a slow struggle by the largest crypto by marketcap to find momentum with price clearly bouncing between trendlines in what appears to be a descending broadening wedge. Bulls recued a potentially disastrous breakdown from $53,000 where a trendline going all the way back to 30k has held this uptrend. So far, the upper boundary held by the 50 MA & the 21 EMA has been an impenetrable barrier for bulls- this needs to change or sellers will take over again.

In the macro, US stocks are selling off hard, so too Oil - both seen as barometres for the global economy with implications for Bitcoin's short-term outlook. I'd be cautious being bullish here even in light of Bitcoin's past performances in December. Bulls must conjure strength to break above the Moving Averages mentioned above, then the volume resistance at 61k or Bears will have a far easier time of it with Bitcoin stalled below resistance. If the global situation gets worse then bears will press price down to bull market support at $52,000. For deeper insights into Dec with crypto buy/sell recommendations sign-up to our paid Monthly Newsletter. Link in the description. Happy Hunting!

THIS WEEKS TOP HIGHLIGHTS

1. Jack Dorsey's Square re-brands to "Block" to re-focus on Cryptocurrency

2. Grayscale reports indicates the Metaverse is a $1 Trillion opportunity

3. Microstrategy buys $440 million more Bitcoin for Treasury Reserves this week

4. SEC Chairman Gary Gensler says Bitcoin is in competition to U.S. banking system

5. Facebook re-allows Cryptocurrency advertising after Meta announcement

On-Chain Insight

According to Glassnode the balance of Ethereum based on Exchanges just reached a 3-year low of 14,110,334.091 ETH.

Institutional investors continue to buy ETH off the open market.

ARE YOU LOOKING TO BECOME A SOPHISTICATED INVESTOR?

Want Price recommendations and EASY to understand Analysis that gets you real results - Click The Link In the Description to Sign-up to our Premium Monthly Newsletter!

DID YOU KNOW?

The Defi market now holds over $260 Billion Dollars worth of USD locked in Defi protocols according to Defi Llama.

Want full access to the Elite Cryptocurrency Investment Strategy Newsletter?

If you haven’t already, subscribe to our paid version now!