Bitcoin (BTC) is back this week as the recovery of the largest cryptocurrency ever approached a full-time high – what stocks in the store?

Cointelegraph is looking at what could move the bitcoin markets in the next few days as buyers come in and leave $ 16,000 – at least for now.

Bitcoin cancels Black Friday discounts
The most important news among bitcoiners on Monday is their results over the weekend.

After sinking to a depth of $ 16,300 last week and failing to rise well above $ 17,000 over the next few days, Bitcoin stunned Saturday and began its ascent, reaching $ 18,600 on November 30.

The time has led to comparisons with Black Friday, when BTC / USD fell just in time for the infamous discount day and gathered again after that.

“I guess the Black Friday Bitcoin Sale is officially over. Barry Silbert, CEO of asset management giant Grayscale. ”

At a press time of $ 18,550, bitcoin is up almost 14% from the low, and offsets most of the losses when it fell from $ 19,500. It will be a familiar sight for traders who are now considering the possibility that Bitcoin may escape the psychological pressure from sellers, which is close to the all-time high of $ 20,000.

The critical level for storage is $ 17,700-17,850 per ripper. Michael Van DePop, an analyst at Cointelegraph Markets, said in his latest analysis on Sunday: “If we miss this, I think we’ll see 16 again.”

Van de Pope also highlighted the areas around $ 18,500 and $ 18,700 as a critical breakout point for further gains. Bitcoin then hit the middle of this area, but has not yet been able to make it a launch pad for some higher levels to recover.

However, if current levels hold, Bitcoin will easily see the highest monthly close at the end of Monday.

$ 1,300 Bitcoin Futures Gap Opens below
One of the main arguments for beating Bitcoin down in its next move is the classic “hole” in the futures markets.

Thanks to the volatility of the weekend, Monday began with a noticeable gap in CME Bitcoin Futures charts, $ 1500 below the current spot price.

Holes indicate the remaining empty space between the end of trading on Friday and the start of trading on Monday for futures contracts, and the last open contract volume is $ 1,300 – one of the largest ever.

Historically, Bitcoin has chosen to rise or fall to “fill” these gaps as soon as they occur, and this has happened quickly, meaning there is a chance of another low of $ 16,990 – the beginning of this gap.

Another gap, albeit much smaller, is still “free” from previous trades of around $ 19,000.

“It all depends on how serious our rejections are in this area and how we handle the $ 17,000 support, which is also the weekly closing on the Chicago Mercantile Exchange,” Van de Pope commented.

He also pointed out that the high mood is not a good starting point for the high mood. Going into bitcoin is just a smart move when support is obtained at higher support levels in the time frames, which means that the CME gap should be closed when the real state of the market becomes clearer.

Meanwhile, a companion survey showed a fairly even distribution among 6,000 respondents as to whether BTC / USD will first reach $ 14,000 or $ 22,000.

Shares fall after a record month
Apart from Bitcoin, the overall picture by the end of the month is mixed. In November, global equities rose 13%, a record month when expectations of a coronavirus vaccine rose.

But progress slowed on Monday as China shifted from gains to losses and European futures followed.

Bloomberg reported the same day that the US dollar, which was already under pressure, would fall to its lowest level since April 2018. As the Cointelegraph notes, DXY has been declining steadily in recent weeks, erasing some of its previous gains.

Bitcoin generally responds positively to weakness in DXY, and while attitudes towards macro-assets in a broader sense decline, sudden index changes remain vulnerable to determining the short-term market direction.

At the time of the press release, the DXY was at 91.72 after breaking through the 92 support level, which persisted even in August when Bitcoin hit $ 12,000 for the first time this year.

Hourly chart of the USD currency index for the week. Source: TradingView
Meanwhile, headaches caused by viruses persist throughout the Western world. The UK economy, according to Bloomberg estimates shared by market commentator Holger Zshibitz, will shrink for more than 300 years.

Market-related issues such as Tesla’s debut of the S&P 500 are also in sight.

Source: CoinTelegraph

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