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What Will We Encounter This Week?

Date Time Currency Event Expectation Previous Month’s Announced Data
04.12.2023 10:00 TRY Consumer Price Index (CPI) (Yearly) (Nov) 63,00% 61,36%
06.12.2023 16:15 USD ADP Non-Farm Employment Change (Nov) 113K
07.12.2023 16:30 USD Unemployment Claims 218K
08.12.2023 16:30 USD Non-Farm Employment (Nov) 175K 150K
08.12.2023 16:30 USD Average Hourly Earnings (Monthly) (Nov) 0,2%
08.12.2023 16:30 USD Unemployment Rate (Nov) 3,9% 3,9%
08.12.2023 TRX RON founder Justin Sun’s last day to defend against the lawsuit filed by the SEC about TRX

Worldwide Most Searched Cryptos Ranking:

  • RabbitX
  • Open Campus
  • Pyth Network
  • Kaspa
  • AllianceBlock Nexera
  • Toncoin

ETF Approval Date Expectation

Bloomberg analyst James Seyyfart announced the decision dates for the SEC’s spot Bitcoin ETFs.

In a tweet, Bloomberg analyst James Seyyfart disclosed the dates for the SEC’s decisions regarding approval, rejection, or postponement.

Seyyfart stated in his announcement that the expected timeframe is between January 5 and January 10.

We are observing expectations being priced into the cryptocurrency market in anticipation of any approval from the SEC.

Seyyfart had previously indicated that the probability of approval for spot Bitcoin ETFs by January 10, 2024, was 90% and had also emphasized that it could come earlier.

Powell’s Statements:

Following comments from Fed Chairman Powell, investors became more confident that the Fed had completed its interest rate hikes, leading to a rally in U.S. stocks and Bitcoin. Bitcoin reached $39,000 and successfully broke through resistance to continue its upward trend.

The decline in U.S. bond yields was also among the reasons for this rally. We observed a significant increase in risk appetite in December, just as in November. But this is just the beginning.

Looking at the last 24 hours, $188 million were liquidated from the cryptocurrency market, affecting over 68,000 crypto investors.

Short positions constituted 77.73% of the liquidated positions, with the most liquidation occurring in Bitcoin.

BTC:

Following Powell’s statements on Friday evening, we see Bitcoin surpassing the psychological barrier of $39,000 and reaching up to $41,490. This is the first time since April 2022 that Bitcoin has reached and exceeded $40,000. After profit-taking, it may want to return to the channel’s peak levels of around $40,750. If it breaks through, $39,800, our previous resistance level, will now act as support.

BTC grafik 4 aralık 2024

BTC Dominans grafiği 4 aralık 2024

We also observe an increase in Bitcoin dominance during this period. This primarily indicates an increase in investors’ confidence in Bitcoin. In fact, according to many interpretations, an increase in Dominance is considered as the beginning of a Bull run.

ETH:

Last week, we started off positively on the Ethereum side by surpassing the resistance levels we shared. We saw positive momentum due to developments in Layer 2 networks and investors’ expectations for ETF approval.

Technically, when we look at profit taking starting, the 2152 USDT level awaits us. In the continuation of the rise, 2270 USDT, the peak of the channel, can be tested.

ETH grafik 4 aralık 2024

TRX:

There was a lawsuit filed by the SEC against Tron’s founder, Justin Sun. He is expected to make a defense by this Friday. This expectation could move the prices. Technically, it might break 0.1053 USD soon. If this breakout occurs, we expect the movement to continue up to 0.1063 USD levels. Should further news break this level, 0.1083 will become our new expectation. In case of declines, 0.0960 USD will be on our agenda.

TRX grafiği 4 aralık 2024

“The investment information, opinions, and recommendations contained in this research report are not within the scope of investment advisory.”

Araştırma Uzmanı at EgeMoney

Uzmanlık alanlarım arasında temel ve teknik analiz, portföy yönetimi, risk analizi ve pazar araştırması bulunmaktadır. Hızla değişen piyasa koşullarına uyum sağlama ve rapor üretme benim önceliklerim arasındadır. Finansal geleceğinizi şekillendirmek ve karar alma süreçlerinize değer katmak amacıyla araştırmalarımı EgeMoney platformu üzerinden sizlere sunuyorum.