Many were expecting a bullish start to December and never thought of the opposite. The crypto market was off to a slow on the first day of the month as some cryptocurrencies recorded little increase at the end of the day but saw more volatility.
One outlook earlier this week noted that the same script that played out last week seems to be playing out this week as we witnessed another “Black Friday” that saw the global cryptocurrency market cap dip below $2 trillion.
The total worth of every existing cryptocurrency at the time of writing is estimated at $2.2 trillion – almost 10% lower than it started seven days ago. Nonetheless, it is a sign of price recovery from the corrections that it suffered during past trading session.
Daily Price Heatmap
Source: Coin360
Now, traders are expecting better hikes compared to those experienced over the last seven days as seen in previous weeks. Unfortunately, this is not the case as both leading coins and a few others seem to be the only digital assets enjoying hikes as in the image above.
Weekly Price Heatmap
The depiction above illustrates the damage most cryptocurrencies suffered over the past seven days. Of the hundreds of coins displayed above, those about to close the week in profit are a little above 20.
Crypto derivatives were not left out of the week’s activities as the liquidation figures went bizarre yesterday. The market saw the highest amount of REKT capital in more than three the months. A total of $2.4 billion was liquidated as seen in the chart below.
More than 89% of the REKT funds are from long positions. It may be safe to conclude that the bulls are traumatized by the sudden change in market sentiments. So much so that the Fear and Greed Index is currently at 18 – extreme fear. The most recent reading was the lowest since July.
The index has seen a downtrend over the past seven days. Amid the chaos, there have been bullish moments. On Monday, the company’s CEO, Michael Saylor, revealed that MicroStrategy has bought about 7,002 BTC for a whopping $414.4 million in cash.
MicroStrategy has remained unwilling to give up its position as the largest corporate holder of bitcoin, as it just recently completed the purchase of over 7,000 BTC. El Salvador also followed as they bought 150 bitcoin after the retracement below $50k.
With an overview of what transpired in the market over the past seven days, let’s take a closer look at the performance of some projects in the top 10.
BTC/USD
This is the worst week since May, as Bitcoin is about to close at a 14% deficit. As previously mentioned, the biggest loss happened yesterday when the apex coin lost more than $11,000 in three hours.
The most valued cryptocurrency opened the week at $54,764 after suffering a little depreciation last week. BTC showed little progress six days ago following MicroStrategy purchase. The coin saw a 4% increase that ensured a short stay above $57,000.
One weekly analysis noted that the most valued coin is trading below the Pivot Point at $57,250. The last seven days have seen the apex coin edge closer to testing the first Pivot Support at $47,500.
The article further stated that the past seven days have established $53,000 as a critical support and failure to defend this mark will result in the top coin reverting to $50k. The top coin peaked at $59,250 and saw a low of $41,967 – flipping both the first and second supports.
Traders were looking forward to a Moving Average Convergence Divergence (MACD) bullish interception. Unfortunately, this indicator dipped further and bitcoin is trading below its first pivot support as of the time of writing.
The past seven days established the $42,000 support as a critical level. Following the corrections, another dip half magnitude of the previous may result in this level flipping and the largest cryptocurrency by market cap trading below $40k.
ETH/USD
The second largest coin dipped below $3,500 in one of the biggest drops it experienced in three months. The project showed a lot of potential at the start of the week at $4,302 and saw a high of $4,784.
Considering how fast ether recovered from the retracement, the project is one of the fastest recovering. As predicted, Ether failed sustain price above $4,000 as it was flipped and opened the $3,600 support for testing. Ethereum initially lost 8% as it dipped as low as $3,470, the coin is about to close the past seven days at a 3.69% loss as a result of its feat.
Starting December 1, the largest altcoin lost its bullish status as suggested by the Pivot Point Standard as it slipped below $4,500 (the PP). One of the toughest resistances to flip once an uptrend starts is the $4,200.
BNB/USD
Binance coin have been known to be one of many cryptocurrencies that have shown little resistance to the selloff. Regardless of it reputation, BNB retraced to $448 during the last seven days as it lost more than 25% in less than three hours.
The largest exchange’s token peaked at $673 which better than last week’s. Nonetheless, the third largest cryptocurrency may close the past seven days more than 9% lower than it started.
The project slipped below the 50-day MA yesterday as the correction intensified. The $440 mark was established as one of the many support to watch the bulls defend it once in the last seven days.
SOL/USD
Solana ended the past week losing 12%, making it the third consecutive week of losses. The coin dropped as low as $186 and burst to $246. SOL is one of the many coins that have failed to quickly recover from the correction that shakes the market.
This week, the top coin in the Solana ecosystem saw a lot of volatility that saw it retrace as low as $177 – the lowest in the past five weeks and hit a high of $243. Following a quick downtrend that saw it lose more than 8% of its value, the SOL/USD pair is seeing improvement as it regained 3%.
The past week ended with the fifth largest coin by market cap maintaining prices above its Pivot Point. Nonetheless, it was predicted that a change would take place as the asset under consideration was directly on that level. Solana has now sunk into bearish dominance as it trades closer to its first pivot support.
