The market saw stability and improvement in sentiment during the week, primarily supported by expectations of a reduction in U.S. interest rates. Below is an overview of the performance of major currencies:
Currency Approximate price Recent performance Major support and resistance levels
Bitcoin (BTC) ~$92,000 stabilizing above $90,000, with positive flows into ETF funds. Strong support: $90,000. **Resistance:** $110,433 then $115,600.
Ethereum (ETH) ~$3,879 rose by 3% heading towards $3,000 again. Support: $3,713. **Resistance:** $4,101 then $4,265.
Ripple (XRP) ~$2.51 jumped more than 8% after the New York Stock Exchange approved XRP ETF funds. Critical support: $2.50. **Resistance:** $2.68 then $2.83.
📰 Key developments and news
· Improvement in macroeconomic sentiment: Market expectations for a rate cut by the U.S. Federal Reserve in December have risen to about 70%. This factor is a key support for the market's recovery.
· Whale and institutional investor trading: It has been observed that large investors continue to buy Bitcoin at these levels, with data indicating dominance of buy trades in the derivatives market. Galaxy Digital also announced talks to provide liquidity in prediction markets like Polymarket and Kalshi.
· Supportive news for Ripple (XRP): In addition to positive news regarding ETF funds, Ripple announced the integration of its new stablecoin RLUSD into its payment service, enhancing its practical utility for institutional financial transactions.
🔍 Technical analysis and forecasts
· Bitcoin (BTC): Analyses suggest that BTC may be in a bottoming phase, as selling pressure has sharply declined. A weekly close above the $112,000 level is a strong technical signal to invalidate bearish scenarios and open the way for new record levels.
· Ethereum (ETH): Technical indicators show positive divergence, creating favorable conditions for a short-term rise, especially with expectations of "pressure on sellers" that could lead to a rapid increase (short squeeze).
· General outlook: The Fear & Greed Index still indicates "Fear" at level 33, reflecting a cautious stance among investors despite the recent improvement.
In summary, the cryptocurrency market is experiencing a period of optimistic stability supported by fundamental factors, most notably the positive expectations for U.S. interest rate cuts and supportive news for currencies such as ETF approvals. While technical analyses suggest the recent selling wave may be ending, the overall index still indicates caution.
