On the last day of November, trading volumes have significantly decreased, putting Bitcoin (BTC) in a struggle to maintain its position at the $90,000 mark. Despite attempting to test the resistance level during Friday’s market opening, the key area remained out of reach. As a result of a holiday, reduced trading volume has led to more sideways and downward movements in cryptocurrencies.
Bitcoin (BTC) Overview
Bitcoin reached a low of $80,900 on November 21 and has been trying to maintain $90,000 for several days. The price has consolidated in a narrow range without the anticipated support from ETFs. On November 28, there was only a net inflow of $78 million, whereas IBIT recorded an outflow of $113 million during Friday’s half-session.
Investor reluctance in ETFs and the lack of demand in spot markets are very apparent. The expiration of a $15 billion options contract on Friday raised expectations for a more subdued outlook until the Fed meeting. Although the new week could present surprises, the current lack of momentum and the failed resistance test are increasing the likelihood of testing $88,000 as the week draws to a close.
BTC found buyers at its lowest levels over the past four days and is likely to exhibit more volatility towards the end of the day. A potential drop with closures below $89,500 could trigger tests of $88,000 and $86,300.
Current State of Cryptocurrencies
AVAX recently diverged positively but quickly fell back to $14 due to swift profit taking. While SOL Coin struggles to maintain $135, XRP Coin is trying to reclaim its $2.2 support. Meanwhile, Ethereum (ETH) is back below $3,000 but experienced similar weekly growth as BTC. Several major market cap cryptocurrencies like SOL, DOGE, and TRON lagged behind BTC in weekly gains.
The stars of the week were KAS, SPX, QNT, SKY, and ENA. Altcoins continuing with over 20% gains only experienced a 1% daily loss. ZEC has regressed from a peak, hovering at $457 with weekly losses hitting 20%. MemeCore recorded the highest losses among the top 100 cryptocurrencies, falling by 36%. TEL, QNT, and SKY Coin managed daily gains of over 4%, among the few altcoins to achieve this. In summary, the last 24 hours have not been favorable for cryptocurrencies.