Crypto roundup: Bitcoin bounces but not out of woods; IOTA launches staking capability

After breaking down to about US$58.5K today, Bitcoin has made something of a recovery, moving back above the relieving round number of $60K. Market caution, however, remains the general flavour of the day.

At the time of writing, the entire crypto market is down 6.4 per cent from this time yesterday, pulling back to about US$2.77 trillion, according to CoinGecko’s figures.

Bitcoin (BTC) is moving anxiously from foot to foot, trying to decide which way to go, wondering if it needs another dump. It’s currently down about 5.4 per cent and hovering around the mid-$60K zone.

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Right now, most coins in the top 100 are currently looking at about a 5-10 per cent decline over the past 24 hours. Some higher, some lower, but that’s about the general zone.

A couple of notables, however, are bucking the trend, and these are the Internet of Things-focused DAG IOTA (MIOTA), up 8.8 per cent, and the popular gaming metaverse The Sandbox (SAND), up 11.2 per cent.

IOTA is trading well on the news it’s launching incentivised staking functionality, facilitated with a new native token called Shimmer (SMR).

The Sandbox, meanwhile, has announced it’s launching an “Alpha” event on November 29 – a multi-week play-to-earn experience in which players will be able to properly explore sections of its Minecraft-like digital world for the first time.

 

A ‘picture-perfect rebound’ for Bitcoin

As for the grandaddy market-moving crypto (that’d be Bitcoin), let’s get some analytical views from a couple of go-to, respected traders and chartists…

Dutch trader Michaël van de Poppe is liking what he sees with the BTC bounce at the support level of about US$58.5K, which happened a few hours ago at the time of writing. However, he has been emphasising that a fresh and decisive move above US$63K is the new target for bullish action to recommence.

If that doesn’t happen toot sweet, Van de Poppe believes Bitcoin will need to come back down and retest some lower levels,  around US$53 to $55K, in a deeper corrective move.

 

Meanwhile, fellow obsessive Bitcoin and crypto charts analyst Rekt Capital described the Bitcoin bounce as a “picture-perfect rebound” and is now hypothesising whether the retest is now “complete”, paving the way for a further uptrend.

Mr Capital (Rekt to his mates) seems positive Bitcoin’s still in a good position right now, at least from a technically analytical perspective. And that’s even if it sees further deviation lower.

He wouldn’t want to see a monthly close below about US$61K, however. And he’s not the only one, especially as influential analyst PlanB’s “worst-case” target for the end of November is roughly US$98K!

But anyhoo, let’s end this roundup with what seems like an appropriate meme. Crypto investing and HODLing – it’s all about keeping things in perspective…

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