The overall market appears on a wait-and-see mode. Bitcoin remains below the $57,000 level, wavering at $56,800 at this publication. At the same time, Ether lost around 1% over the past day, trading at $4,550.
Bitcoin has had its price actions around the $57,000 market over the last day as the overall market remains in a wait-and-see mode. Moreover, the leading crypto saw its daily trading volumes on centralized exchanges dropping.
CoinDesk data indicates that BTC’s trading volume in 11 top centralized exchanges dropped over the last day, hitting weekly lows. Ether, the leading altcoin by value, stalls with a slight decline but still hovers inside the range between $4,500 and $4,600.
Meanwhile, tether/Chinese yuan (USDT/CNY) had its price tumbling as we are in the last month of the year. It comes as Huobi’s deadline to close accounts by China’s customers nears. Remember, Huobi is one of the leading cryptocurrency exchanges utilized by Chinese market players. During China’s recent ban on cryptocurrency mining and trading, the exchange promised to suspend mainland Chinese trading account by 2021 end.
Meanwhile, the Chinese market has been rebounding gradually from the nation’s crypto ban in September. Moreover, USDT/CYN on the OTC market has recovered from the deep discount. Within normal conditions in the market, tether price quoted in yuan matches the US dollar exchange rate. However, tether traded at considerable discounts since China’s crypto ban turned negative. Nevertheless, feixiaohao data shows a slight recovery for tether stablecoin.
Technical Outlook
BTC struggles around a resistance level with sturdy support at $53,000.
Bitcoin (BTC) still stabilizes beyond the support level at $53,000. That is after the declines the leading crypto encountered over last month. Nevertheless, the altcoin seems to witness a stalemate between sellers and buyers as the crypto remained relatively flat within the previous 24 hours. For now, $60,000 appears a deadlock since it capped upswings over the last week.
At this publication, Bitcoin trades beneath $57,000 after dropping 4% within the last seven days. The crypto has recorded lower highs since 10 November, confirming the near-term downtrends in Bitcoin. Recently, the price chart shows oversold signals. That may encourage near-term buying from $53,000 support. Meanwhile, a decisive break past $60,000 would cancel the near-term downtrend outlook. Nevertheless, there’s a massive resistance that might limit uptrends in the $60,000 – $65,000 range.
