Crypto Industry Outlook:
On November 24, Bitcoin surpassed $ 19,000 for the first time since December 2017. At the same time, it also set a record in its market capitalization. At the time of writing this article, the Bitcoin market cap is $ 352 billion. This means that it has increased by $ 7 million in the last 48 hours.
The new capitalization record was set even though BTC itself did not hit a record price. There is a simple explanation for this - the growing supply of Bitcoin. While around 16.746 million Bitcoins existed on December 16, 2017, more than 1.8 million new coins have been mined since then (supply increased by 10.75%). This means that Bitcoin may have higher capitalization despite the current price.
According to Macro Trends, on November 23, JPMorgan's capitalization closed the market at $ 349 billion. Earlier this year, the JPMorgan market cap fell to $ 258 billion.
Despite JPMorgan's CEO skepticism about BTC, in October 2020, the bank told investors that "BTC's potential long-term growth could be substantial," suggesting that in the long term, the price of BTC could even double or triple.
Technical Market Outlook:
The BTC/USD pair has started the corrective cycle and dropped towards the level of $17,000 with a low made at the level of $17,218. The level of $19,442, $19,000, $18,388, $18,000 and $17,644 will now act as a technical resistance. The momentum is now entering the sub fifty zone, so it is no longer positive and starts to weakening. Please notice, that the Bitcoin is now out of the main acceleration channel as well, so the further losses might be more dynamic that the recent ones.
Weekly Pivot Points:
WR3 - $23,175
WR2 - $21,060
WR1 - $20,074
Weekly Pivot - $17,904
WS1 - $16,917
WS2 - $14,683
WS3 - $13,761
Trading Recommendations:
Bitcoin is trading close to the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $20,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $15,000 is broken.
