First Mover Asia: Bitcoin Rebound Continues Into Third Day Amid Lessening Omicron Fears

Ether and all but one other altcoin ranked among CoinDesk’s top 20 by market cap also rose.

AccessTimeIconNov 29, 2021 at 11:30 p.m. UTC
Updated May 11, 2023 at 6:33 p.m. UTC
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Good morning. Here’s what’s happening this morning:

Market moves: Bitcoin led the crypto market to its third straight day of recovery from a “Black Friday” sell-off amid diminishing fears

Technician’s take: Short-term momentum is improving, although buyers will need to clear $60K to sustain the uptrend.

Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.

Prices

Bitcoin (BTC): $57,990

Ether (ETH): $4,445

Markets

S&P 500: $4,655 +1.3%

Dow Jones Industrial Average: $35,135 +0.6%

Nasdaq: $15,782 +1.8%

Gold: $1,782 -0.5%

Market moves

Bitcoin led the crypto market to its third straight day of gains, after a steep drop by more than 8% on “Black Friday.” The No. 1 cryptocurrency by market capitalization rose to nearly $59,000 on Monday before it sank toward the $58,000 level again.

But bitcoin’s trading volume was much lower compared with last Monday across major centralized exchanges. As discussed in Monday’s Asia First Mover, investors are waiting for the latest updates about the omicron coronavirus strain and its potential impact on the global markets, crypto included.

(CoinDesk/CryptoCompare)
(CoinDesk/CryptoCompare)

One analyst, however, said investors in Asia, especially in China, are less affected by Omicron’s developments.

“During the past few days ... it is not so [panicky] for Asia market,” Rachel Lin, CEO of DeFi derivatives platform SynFutures, said, pointing out that China’s major A-share market closed with few changes on Friday.

A report by Bloomberg says that China’s COVID-zero strategy may have helped its equity market from any potential hurt from the Omicron strain.

Technician’s take

Bitcoin daily price chart (Damanick Dantes/CoinDesk, TradingView)
Bitcoin daily price chart (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) is holding support above its 100-day moving average, currently around $54,200, as last week’s sell-off stabilizes.

The cryptocurrency was trading around $58,000 at press time and could face initial resistance at $60,000-$63,000.

Price momentum is starting to recover on the daily chart, which suggests buyers could remain active into the Asia trading day. Additionally, the relative strength index (RSI) on the daily chart is near oversold levels similar to what occurred in late September, which preceded a price rally.

For now, buyers will need to clear resistance in order to yield further upside targets. Longer-term indicators have shifted neutral as buyers failed to sustain an all-time high near $69,000 over the past month.

Important events

8 a.m. HKT/SGT (12 a.m. UTC): New Zealand business confidence (Nov.)

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Australia building permits (Oct. MoM/YoY)

9 a.m. HKT/SGT (1 a.m. UTC): China manufacturing purchasing managers index (Nov.)

9 a.m. (HKT/SGT (1 a.m. UTC): China non-manufacturing purchasing managers index (Nov.)

CoinDesk TV

In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:

“First Mover” hosts spoke with The Sandbox co-founder and Chief Operating Officer Sebastien Borget for an insider look into the metaverse gaming space as the firm launches Sandbox Metaverse Alpha. GlobalBlock CEO Rufus Round shared market insights as bitcoin rebounds from a steep selloff. Pat Duffy and Alex Wilson, co-founders of The Giving Block, shared how charities and nonprofits can use crypto for donations.

Latest headlines

Introducing Future of Money Week: Money innovation is everywhere and it’s getting wilder. (Editor’s note: See The Future of Money: 20 Predictions in Longer reads.)

Longer reads

Today’s crypto explainer: What Can You Buy with Bitcoin?

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Damanick Dantes

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

Muyao Shen

Muyao was a markets reporter at CoinDesk.


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