Macro Overview
- US Unemployment Rate Slightly Bullish for Crypto: The unemployment rate came in at 4.4% vs 4.3% expected. A higher-than-expected rate typically weakens the U.S. dollar, which creates a mildly bullish setup for crypto. Market reaction stayed muted, but the macro tone leans slightly positive.
- US Flash PMI Data Turns Slightly Negative for Markets: The Flash Manufacturing PMI came in roughly neutral, but the Flash Services PMI beat expectations — a result that generally strengthens the dollar and pressures risk assets. Overall, the data leans negative for the crypto market.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -6.99% fall, bringing the total market capitalization to $2.91 trillion. Notably, BTC saw a fall of -7.28% and ETH saw a fall of -8.65%. Bitcoin’s dominance stands at 59.05%, while Ethereum’s holds at 11.64%
- Spot Bitcoin ETFs Extend Outflow Streak: U.S. spot bitcoin ETFs saw $1.22 billion in net outflows last week, marking a fourth straight week of withdrawals and totaling $4.34 billion over the past month. BlackRock’s IBIT led the week with $1.09 billion in outflows, its second-largest weekly drop to date.
- Solana ETFs Log 18 Straight Days of Inflows: Solana’s newly launched ETFs continue to draw steady demand, marking 18 consecutive days of positive inflows across major issuers. Total net inflows have reached roughly $500 million since launch, a strong signal of early institutional interest. This consistent momentum reinforces Solana’s growing appeal as one of the fastest-expanding assets in the crypto ETF landscape, even as broader market sentiment remains mixed.
- Pump.fun Cashes Out $436M as Memecoin Mania Cools: Solana-based memecoin launchpad Pump.fun has moved over $436 million in USDC to Kraken since mid-October, according to Lookonchain data. The transfers began shortly after the $19 billion market crash on Oct. 15, which sharply reduced speculative activity and dragged down the platform’s monthly revenue. The large cash-out signals operators are securing profits as memecoin momentum fades and overall risk appetite cools in the aftermath of the downturn.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Nov 25 | 7:00 PM | US PPI m/m | Actual’ less than ‘Forecast’ is good for crypto |
| Nov-26 | 7:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| Nov-26 | Tentative | US Core PCE Price Index m/m | Actual’ less than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Sideways.
- BTC continued to fall this week, now the price action remains mixed on both lower and higher timeframes. Macro data was also mixed, adding to the uncertainty. For now, it’s a wait-and-watch market, and the coming days are likely to see more sideways momentum.
- Key support levels to consider are around $83,800 and $84,000. On the upside, resistance level is at $93,800 and $99,200
- 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 Sideways.
- ETH dropped as well, but with BTC dominance slipping and the ETH/BTC pair holding firm, ETH looks positioned for a more stable stretch. Sideways movement is likely, and ETH could slightly outperform BTC in the near term simply by showing lower volatility.
- Significant support levels include $2630 and $2380, while resistance level to watch is at around $2840 and $3225.
- 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.
Solana Technical Analysis
Summary:
- The current sentiment around SOL is Sideways.
- SOL fell along with the broader market and is now sitting at key support. From here, price action looks set to stay mostly sideways in the coming days.
- Key support levels to consider are around $128 and $120. On the upside, resistance level is at $136 and $144.
- 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.
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