Bitcoin remains in limbo after Friday’s fall – however, bulls are lurking

December 1, 2021 - 2 months ago
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Bitcoin, the world’s largest cryptocurrency by market value, remains in limbo following last week’s fall, which some traders/analysts viewed as an opportunity to add or renew their positions.

The cryptocurrency market brief dip was triggered by the spread of the newly-discovered Omicron COVID-19 variant.

Other cryptocurrencies, including Ethereum, Solana, and Cardano, have all largely settled over the last 24 hours.

Meanwhile, meme coins Dogecoin and Shiba Inu have shot up by +6% and +29%, respectively.

As Bitcoin continues to fluctuate between the Fibonacci retracement support at 38.2% at US$53,500.00 and US$59,750.00 level, market participants have been closely watching the down movement since the all-time high around $US68,955.00.

As previously seen, the bullish opportunity may arise again if the markets witness another dip.

With that being said, bullish traders are expected to be eyeing the US$59,750.00 level, which, if cleared, could ignite the bull-run back to the “Twin Peaks” (highs) around US$66,800.00 or the all-time high around US$68,955.00.

It is assessed, any reversal would again draw a bullish response from the Fibonacci retracement support at 38.2% at US$53,500.00.

Beneath here, it is assessed, bottom-fishers (meaning, demand/buyers) are harbouring from the broad (potential) base at 50% at US$48,600.00.

On a broader assessment, Bitcoin appears set to end 2021 on a ‘stellar bullish note!’

With the end of the year just 31 days away, it is assessed the cryptocurrency could repeat the price feats it saw in previous years (meaning) that it could achieve another record-breaking bull run before the New Year chimed in with the bulls eyeing the region of US$80,000.00 to US$88,000.00.

Daily Chart of Bitcoin

Meanwhile, Ethereum was trading at $4,710.55 (as of writing), up +8.86% early Wednesday, as the bulls gear up to take the challenge back to the all-time at around US$4,800-25.

Reassess from there, as a clearance of this level would expose the region of US$5,360-80. Re-evaluate from there.

Any weakness would again expect the bulls to intercept any bearish pressure, with the support viewed minor at US$4,270, with the (Fibo level 23.6% viewed at US$4,100, and the 38.2% at US$3,890.

Beneath, the (Fibonacci retracement support base) is assessed at US$3,650-55.

Daily Chart of Ethereum

Meanwhile, Binance Coin (BNB), the utility token of global crypto exchange Binance remains steady since displaying a modest rebound on Monday.

Having recently cleared the two targets of US$645.0 to US$655.0, based on the technical assessment, it is ascertained the bulls are preparing for a move, with the topside area exposed at $US700.0.

We could even see an extension to US$755-70 before any profit-taking emerges.

The support is assessed from the bullish trendline at US$572.0 to US$565.0.

Daily Chart of Binance

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