TL;DR

• BTC is up & ETH is up

• BTC over-performed ETH this week 

• Bitcoin dominance is down

• The hot coin we look at this week is $JUNO

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BTC & ETH Market Update 📈

Crypto is up this week, with BTC being up 9.5% and ETH up 8.2%:

Bitcoin dominance has decreased over the week, starting from 57.7% to a high of 58.34% and ending at 57.3%. Investor sentiment, regulatory changes, technological advancements, and the overall growth of the cryptocurrency sector shape Bitcoin's market dominance. Its reputation as "digital gold" also enhances its position, making it a key player in the market.

It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

Bitcoin (BTC) is inching closer to the monumental $100,000 milestone, but strong resistance in the form of a $300 million sell wall continues to challenge its upward momentum.

The BTC/USD pair has faced repeated rejections near this level, with sell orders concentrated between $99,300 and $103,000, as highlighted by Binance order book data.

While some erosion of this sell-side liquidity has been observed, substantial aggregate supply remains, making this resistance formidable.

Institutional interest, as reflected in over $1 billion in net inflows into U.S. Bitcoin ETFs on Nov. 21, underscores the underlying bullish sentiment. However, mid-sized sell orders dominate transactions, with whales largely refraining from major activity.

Leveraged retail traders are heavily positioned with short trades around $99,500, creating potential for a liquidation cascade if Bitcoin pushes higher.

Technical indicators, including a bullish divergence on the four-hour Relative Strength Index (RSI), suggest renewed upward momentum, with traders speculating that BTC could either surge past $100,000 or retrace to key support levels near $90,000.

Adding to the intrigue, the Coinbase premium and CME Bitcoin futures trading at $99,600 hint at bullish potential, positioning Bitcoin at a critical juncture where market dynamics and psychological resistance collide.

Ethereum (ETH) has surged 9.65% in the past 24 hours, reclaiming a bullish position above the 50-day EMA and consolidating between $3,000 and $3,250.

A strong demand zone near $3,000, supported by 5.4 million ETH held by 4.45 million addresses, aligns with a key daily order block. Whale activity has intensified, with one wallet accumulating 27,000 ETH worth $88.9 million.

Ethereum is also nearing a "golden cross" on its daily chart, historically signaling major rallies, with potential targets at $3,700 and $4,000 as bullish momentum builds.

Ethereum (ETHUSD) Analysis:

Ethereum closed at $3,393.58, up $255.13. In the medium term, Ethereum broke the ceiling of a falling trend, indicating a potential shift to slower declines and stronger upward momentum. The price rose significantly after breaking resistance at $2,607, with the target of $3,153 now met. The break above $3,300 suggests further upside potential, with support now at $3,300. The RSI above 70 signals strong positive momentum but also raises concerns of overbought conditions, which may lead to a short-term pullback. The overall outlook remains positive, but caution is advised for the near term.

Bitcoin (BTCUSD) Analysis:

Bitcoin closed at $98,864.00, up $1,485.80. In the short term, Bitcoin broke below its rising trend channel, indicating weaker upward momentum, but with no resistance and support at $66,600, further gains are expected. The RSI is above 70, signaling strong investor optimism, though potential overbought conditions could lead to a brief pullback. In the medium term, Bitcoin has risen significantly since breaking resistance at $67,241, with the target of $84,547 met, and support at $72,000. The long-term outlook is similarly bullish, with support around $70,000 and no resistance visible.

Expected Trading Ranges:

• Ethereum (ETH): Support at $2,607; Resistance: $3,300

• Bitcoin (BTC): Support at $70,000; Resistance at $98,864.

Market Outlook:

Bitcoin approaches the $100,000 milestone amid robust institutional inflows and strong technical indicators, but faces resistance from a $300 million sell wall. While bullish momentum suggests a potential breakout, leveraged short positions and market volatility raise the risk of a pullback to $90,000.

Ethereum's market outlook remains bullish, with strong support around $3,000 and a potential breakout above $3,700 if the "golden cross" pattern completes. Increased whale activity and heightened demand at key levels indicate continued upward momentum, possibly driving ETH towards the $4,000 mark in the short term.

BTC/ETH ratio has seen a increase:

Over the past six days, there has been a general increase in the Bitcoin to Ethereum (BTC/ETH) rate. Starting from 29.24 ETH on November 17, the rate rose to 30.69 ETH on November 20, before experiencing some fluctuations. It then slightly decreased to 29.60 ETH on November 23, but overall, the rate has risen from 28.07 ETH on November 18 to 29.60 ETH on November 23, reflecting an overall increase of about 5.5% during this period.

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Hot Coin: JUNO 🔥

In this week’s newsletter, we dive into JUNO Network’s token with the ticker $JUNO.

The price action and volume have been growing consistently and don’t seem to stop any time soon:

What is the project about?

Juno (JUNO) is a community-driven, open-source platform offering a decentralized and permissionless environment for developers to create and deploy smart contracts.

These digital agreements function as blockchain protocols, executing, controlling, or documenting actions based on predefined terms without intermediaries.

As part of the Cosmos ecosystem, Juno operates as a sovereign public blockchain, facilitating interoperability across multiple chains.

The network's focus is to enable seamless, automated smart contract execution, supporting decentralized innovation while leveraging Cosmos's ecosystem of interconnected and sovereign blockchain applications.

Juno empowers developers to build scalable and interoperable solutions, driving growth within the decentralized ecosystem.

Why is the project exciting now?

There are four main reasons why we feature this project in this week’s newsletter:

• Scalability and Cost Efficiency

• Attractive Staking Rewards

• Governance Power through JUNO Token

• Strong Growth Potential in the Cosmos Ecosystem

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