Macro Overview
- US Job Openings (Monthly): Higher than expected and the previous figure. This data is mildly negative for the crypto market due to the inverse relationship between USD strength and crypto performance.
- US Unemployment Rate: In line with expectations, making it neutral for the crypto market.
Crypto Markets Overview
Top Tokens Update
- Pantera Capital Invests $20M in Telegram-Linked Blockchain TON: Pantera Capital has raised $20 million to invest in Toncoin, the native cryptocurrency of the TON blockchain closely tied to the Telegram messaging app. This move highlights the growing interest in TON among major crypto investors. However, despite this substantial backing, Toncoin’s price has remained stable, indicating that the investment may have already been factored into market valuations.
- SEC Likely to Reject Spot Solana ETF Filings Amid Crypto ETF Freeze: The SEC is reportedly set to reject spot Solana ETF applications, signaling a continued freeze on new crypto ETFs under the current administration. At least two issuers have already been informed of the likely denial. Despite this, interest in Solana-linked investment products remains high, with Grayscale recently filing to convert its $134 million Solana Trust into a spot ETF (ticker: GSOL). Other asset managers, including VanEck and Bitwise, have also sought similar approvals, underscoring the growing demand for Solana-focused financial products.
- ETH Price Skyrockets Past $4K Amid Soaring ETF Demand: Ethereum’s price surged past $4,000 for the first time since March, fueled by rising interest in spot Ethereum ETFs. December 5 marked a record-breaking day for net ETF inflows, highlighting increased institutional demand. This bullish momentum positions ETH as a standout performer in the ongoing crypto rally.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Dec-11 | 7:00 PM | US CPI y/y | Actual’ less than ‘Forecast’ is good for crypto |
| Dec-12 | 7:00 PM | US PPI m/m | Actual’ less than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bullish.
- BTC sustained its positive momentum this week, overcoming challenges like a spike in funding rates nearing 0.1% and South Korean martial law FUD. Although BTC briefly dropped below $90K, liquidating late longs due to high funding rates, it quickly rebounded and is now close to $100K. Funding rates have normalized, and the price action remains strong. Our outlook for the upcoming week is bullish as Bitcoin continues to show resilience and solid technicals.
- Key support levels to consider are around $96,000 (20EMA D) and $90,000. On the upside, resistance level is at $103,500.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Bullish .
- ETH continued to outperform BTC this week, crossing the $4,000 mark amid significant ETF inflows. As highlighted in our previous report, ETH had two key resistances to clear—now it stands at the final key resistance. A successful breakout could propel ETH to its previous all-time high or beyond. The price action remains strong, and our outlook for the upcoming week is bullish.
- Significant support levels include $3775 and $3550, while resistance levels to watch are at $4000 (CMP) and $4750.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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