Daily Market Update - November 27, 2020 - BTC still Bullish Despite Rebound



We’re at the end of an exciting week for the digital asset space.  We reached levels last seen in 2018 and the new entrants got a taste of the volatility with their first major sell-off. Overall market cap dropped $44B from $551B to $507B.  

Digital assets market:


BTC to USD, slid by 8.09% on Thursday. Following on from a 2.12% loss on Wednesday, Bitcoin ended the day at $17,213.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $18,908.0 before hitting reverse.

Falling short of the first major resistance level at $19,316, Bitcoin slumped to a late intraday low $16,317.0.

The extended sell-off saw Bitcoin fall through the day’s major support levels before finding support.

A late move back through the third major support level at $16,914 to $17,000 levels reduced the deficit on the day.

The near-term bullish trend remained intact, in spite of the latest slide back to sub-$17,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,920 to form a near-term bearish trend.

Alts and DeFi watch:

  • Alts doing worse as $BTC dominance improved to 62.5% from 62.2% yesterday with all of the top 10 alts declining against $BTC.

  • $XRP dropped below 0.60 levels, losing half of its gains from this week when it rallied from 0.30 to 0.8 levels at the top. Currently trading at the bottom Bollinger band with RSI indicator showing oversold levels. 

  • DeFi tokens fared the worst- TVL dropping from 14B to 12.93B, losing more than 1B in over 24h.

  • $LINK down another 10% to 12.7 level

  • $UNI dropped to 3.47 with a 6% tumble overnight

  • $COMP nears 100 again after it dropped 12.2% last night, and 11% on Wednesday after reaching its peak at 140.

News that caught our eye:

  • Coinbase CEO Brian Armstrong expressed concerns that the outgoing Trump Administration will impose more data-collection requirements on crypto exchanges in an attempt to track owners of wallets. In theory, the feared move would force exchanges to first verify wallet owners, collecting additional information relating to this prior to processing digital asset withdrawal requests.

MicroStrategy Loses $100M in a Single Day

If you think your Bitcoin balance looks bad, spare a thought for MicroStrategy. It has invested $425 million in BTC since September. The flash crash saw $100 million wiped off the value of this investment in less than 24 hours. Don’t feel too sorry for the business intelligence firm, though. It’s still gained $239 million since buying its BTC at an average price of $11,111.

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Red Across the Board as Altcoins Correct Too

When Bitcoin drops, altcoins are normally dragged down with it. ETH has lost 14.2% over the past 24 hours, with XRP down by 25%. The grim reading doesn’t end here — Bitcoin Cash has slumped 20% over the period, Chainlink by 21%, and Litecoin by 19%. Excitement of Ether being above $600 and XRP nearing $1 seem like a distant memory now.

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Coinbase Denies Upcoming New York Times Exposé 

In other news, Coinbase has spoken out ahead of a "negative story" that’s going to appear in The New York Times this week. The exchange says the article will allege that several black employees had negative experiences at Coinbase. It adds that all complaints were investigated at the time, but no evidence of wrongdoing was found. "We expect the story will paint an inaccurate picture that lacks complete information and context," Coinbase warned.

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