On Friday, Bitcoin’s price increased by 0.69 percent, bringing the world’s most widely used crypto asset to $68,600. For over two weeks, Bitcoin has remained in a similar price range. Market experts predict that if BTC fails to break the resistance point of $68,800 (roughly Rs. 52.7 lakh), it could enter a downward spiral. Ether, the second most valuable crypto asset, saw a 1.58 percent loss, trading at $3,951 (roughly Rs. 3.2 lakh). Analysts are divided on the potential impact of low trading volumes, but Ethereum’s overall performance remains strong. Most crypto assets experienced declines on Friday, including Binance Coin, Solana, Ripple, Cardano, Shiba Inu, Avalanche, and Polkadot. Additional altcoins such as Near Protocol, Polygon, Uniswap, Cosmos, Stellar, and Cronos also saw their prices drop. The total crypto market cap decreased by 0.04 percent over the past 24 hours, with the sector’s current valuation standing at $2.54 trillion.
Bitcoin reclaimed the $95,000 mark, after briefly dipping below $91,000 on November 26. This 5% rebound over two days highlighted a notable divergence from traditional markets, particularly U.S. government bonds. Unlike the previous week, when Bitcoin closely mirrored movements in U.S. 2-Year Treasury yields, it now seems to be charting its own course. If investors are shifting their perception of Bitcoin from a high-risk asset to a safe-haven due to its hard monetary policy and censorship-resistant nature, the chances of reaching the $100,000 milestone by year-end grow stronger. With major global economies facing growth challenges, scarce assets like Bitcoin are becoming increasingly attractive. Additionally, inflows into U.S. spot Bitcoin ETFs have boosted investor confidence. On November 27, $103 million in net inflows—primarily into Fidelity’s FBTC and Bitwise’s BITB—reversed a two-day streak of outflows totaling $548 million. Meanwhile, BlackRock’s IBIT fund remained stable, reflecting renewed optimism in the market.
Ethereum’s native token, Ether, surged by 5.75% over the past 24 hours, reaching approximately $3,640 on November 28. This impressive performance outpaced the broader crypto market, which saw a more modest gain of 2.82% during the same period. The recent rally appears driven by growing investor optimism surrounding Bitwise Asset Management’s application for an Ether-based exchange-traded fund (ETF). This positive sentiment is further reflected in the futures market, where open interest (OI) has soared to a record high of over $24 billion—a $4 billion increase within just 24 hours. Additionally, Ether’s weekly funding rates have remained consistently positive since October, standing at around 0.53% as of November 2, reinforcing the bullish outlook among traders.
On November 28, the 10-year yield on French government bonds—representing the eurozone’s second-largest economy—climbed to 3%, aligning with Greece’s yield levels. This development reflects growing concerns over France’s fiscal health, as its budget deficit is projected to reach 6.1% in 2024, far exceeding the eurozone’s recommended 3% cap. Meanwhile, Russia faced economic turbulence as the ruble fell to its lowest point since March 2022, prompting intervention from its central bank. Despite inflation reaching 8.5% in October, President Vladimir Putin downplayed the situation. The central bank has raised interest rates to 21%, but these efforts have yet to rein in rising prices.
Technical Outlook
BITCOIN
Bitcoin was trading in a ‘Descending Channel’ forming a ‘Bullish Flag’ pattern. The asset gave a breakout above the channel and made a new all time high of $99,588. The bulls struggled to break the psychological level of $100K, with the prices witnessing some profit booking and dropping to $90,791. Currently, BTC is consolidating between the $91,000 to $97,000 range. To further rally, it needs to break, close, and sustain above $100,000.
ETH
ETH, after breaking the long held resistance of $2,850, surged up to $3,442. The asset witnessed a minor correction and the prices dropped to $3,000. ETH took multiple support at $3,000 and rallied up to $3,684. The asset has a strong resistance at $3,700. Once it breaks this resistance level then we can expect it to further rally up to $4,000.
BNB
BNB is consolidating and is trading in a broad range from $600 to $665 with declining volumes. Once it gives a breakout above $700 then we may expect the prices to break the all time high of $721 and rally further. $600 will act as a strong support for the asset.
Weekly Snapshot
| Oct | Nov | Last Month | Current Month | ||||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $72,339 | $95,652 | 32.23% | $73,577 | $58,895 | $99,656 | $66,804 |
| ETH | $2,657 | $3,580 | 34.71% | $2,311 | $2,765 | $3,687 | $2,360 |
| BNB | $578.49 | $654.39 | 13.12% | $611.78 | $535.38 | $687.34 | $543.91 |
| Crypto | 1m – % Vol. Change (Global) |
| Bitcoin (BTC) | 115.14% |
| Ethereum (ETH) | 110.71% |
| Binance Coin (BNB) | 42.67% |
| Resistance 2 | $120,000 | $4,000 | $1.15 | $700 |
|---|---|---|---|---|
| Resistance 1 | $100,000 | $3,700 | $0.95 | $665 |
| USD | BTC | ETH | Matic | BNB |
| Support 1 | $90,000 | $3,700 | $0.75 | $600 |
| Support 2 | $85,000 | $3,400 | $0.5 | $550 |
Market Updates:
- Japanese investment firm Metaplanet hopes to raise over $62 million (9.5 billion Japanese Yen) through a stock acquisition plan to purchase more Bitcoin for its treasury, which currently stands at 1,142 Bitcoin, worth over $109 million.
- Hong Kong has proposed exempting crypto gains from taxes for hedge funds, private equity, and family investment vehicles to strengthen its position as a leading crypto financial hub.
- Bitcoin’s 12th halving anniversary comes amid BTC trading close to its all-time high of around $99,600 set on Nov. 22, partly contributed by Bitcoin’s fourth halving event in April.
- Ethereum layer-2 (L2) networks have reached a new all-time high of more than $51.5 billion in cumulative total value locked (TVL). This marks an over 205% increase in cumulative TVL, from just $16.6 billion in November 2023.
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