December 4, 2021

Crypto market changes may start next week

Crypto market changes may start next week

On Thursday, the bitcoin rate continues to form a triangle after working out its upper edge with a simultaneous touch to the 200-day moving average and the $ 40 thousand mark.

Consolidation can be expected until the weekendnear the current levels due to the upcoming expiration on Sunday in the derivatives market, where the greatest open interest is formed near the mentioned psychological level. The market looks even more balanced, as evidenced by Glassnode data on the decline in the number of BTC inflows to exchange wallets and the surge in purchases of altcoins the day before.

Wall Street Bison Carl Icahn of IcahnEnterprises and BlackRock's Larry Fink, according to recent interviews with them, are currently eyeing the digital asset space and taking their time to make a purchase decision. PayPal, following Revolut, is preparing to add the option of withdrawing digital assets to third-party wallets, which, in addition to the option of using them as a means of payment, can further popularize digital assets.

The Chinese press writes about the "controlled"pressure on miners due to the size of the industry (people, money). This is confirmed by the holding of a seminar by the authorities of the Inner Mongolia province, which will discuss the use of surplus electricity for the extraction of cryptocurrencies.

News with a minus sign in a day was onlythe ban on mining by the Iranian authorities until the end of summer due to dry weather, which reduced the efficiency of the hydropower plant. But an Islamic country accounts for only 3.8% of the hash rate (according to the Cambridge Institute) and as the situation improves, such a ban can be lifted earlier, there is no ideological confrontation, cryptocurrencies are a convenient tool for circumventing sanctions. The impact of the news on the market was moderate.

It remains to wait for the weekend, with the beginning of the week there will bemore understanding about the chances of returning to a growing trajectory. From a technical point of view, Bitcoin suggests a return to $ 36 thousand, which may affect the mood of the market as a whole.

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