Key Takeaways
- Bitcoin is trading above $90,000 US, and the stablecoins market cap sits at all-time highs.
- Gross Domestic Product and Inflation metrics in the US land as per expectations.
- US Exchange Traded Funds (ETFs) are back buying after two days of selling.
It was a cooler week for Bitcoin after a period of successive new all-time highs in recent weeks. While the market appears to be consolidating, the stablecoin market cap continues to make new all-time highs this week, currently sitting at $191b US a 2.7% growth in the last seven days.
GDP and PCE
Quarterly US Preliminary Gross Domestic Product (GDP) grew by 2.8%, aligning with expectations and reflecting steady economic growth.
The monthly US Personal Consumption Expense (PCE) Price Index rose 0.3%, also as forecasted, showing controlled inflation.
Both these metrics are used in the projections and estimates by policymakers on future interest rate decisions. These results are key ahead of the next interest rate decision in the US in December, where another rate drop remains possible. See the latest projections data here.
US ETF Flows
This week, US ETFs experienced more selling than buying on November 25th and 26th, with net outflows of $435 million and $122 million respectively. However, on the 27th, there was a net inflow of $103 million. The data for November 28th should become available by 4 PM AEST, and it will be interesting to see how the market reacted to the overnight price action.
Fear and greed currently reads 83 – Extreme Greed.
Bitcoin Analysis
Below is a look at Bitcoin’s technical movements using a Bollinger Band on the 4-hourly chart. The market has respected the 20-period moving average in the middle of this indicator as a dynamic support and resistance level. Below are two potential scenarios when looking at the current and previous weekly open.
Bullish Scenario
Bitcoin continues to find buyers around the middle of this band, and we may start to see a push towards this week’s open and beyond.
Bearish Scenario
Failure to find interest from the market at these prices, could see prices move closer towards the previous weekly open.
💱 Swyftx Flows
The buy-to-sell ratio for unique Swyftx orders is nominally >$20,000 AUD (rolling data over the last 7 days, captured at 09:00 am AEST).
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