2TM, the parent company of Brazilian cryptocurrency exchange Mercado Bitcoin, has received $50.3 million in fresh financing to expand its operations across Latin America, sending a strong signal that venture capital sees growth potential in the region. Bitcoin slipped 2.5%, hitting lows of under $56,000, while the futures tied to the S&P 500 declined by 1.2%. The Aussie dollar-U.S. dollar (AUD/USD) exchange rate fell to a 12-month low of 0.7092, and the yield on the U.S. 10-year Treasury note penetrated Friday’s low of 1.47% as government bonds drew safe-haven demand. But bitcoin’s trading volume was much lower compared with last Monday across major centralized exchanges. As discussed in Monday’s Asia First Mover, investors are waiting for the latest updates about the omicron coronavirus strain and its potential impact on the global markets, crypto included.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Bitcoin (BTC) is holding support above its 100-day moving average, currently around $54,200, as last week’s sell-off stabilizes.

The cryptocurrency was trading around $58,000 at press time and could face initial resistance at $60,000-$63,000.

Price momentum is starting to recover on the daily chart, which suggests buyers could remain active into the Asia trading day. Additionally, the relative strength index (RSI) on the daily chart is near oversold levels similar to what occurred in late September, which preceded a price rally.

For now, buyers will need to clear resistance in order to yield further upside targets. Longer-term indicators have shifted neutral as buyers failed to sustain an all-time high near $69,000 over the past month.

Bitcoin Broke Out of the Bearish Channel

Nov 30 2021