First Mover Asia: Bitcoin Falls in Pre-Holiday Trading; Ether Drops

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Good morning. Here’s what happens this morning:

Market moves: Bitcoin remains around $ 57,000 a day ahead of the U.S. Thanksgiving holiday while the tether discount to the Chinese yuan is largely recovering from the extended shock of China’s September trade ban.

Taking of technician: Initial signs of lower exhaustion could stabilize July’s medium-term uptrend. Expected volatility will increase.

Catch the latest episodes from CoinDesk TV for insightful interviews with crypto industry leaders and analysis.

Prices

Bitcoin (BTC):

Ether (ETH):

Market is moving

Bitcoin spent most of Wednesday trading below $ 57,000 with a low trading volume as the U.S. enters the Thanksgiving holiday. Ether fell below $ 4,300, a more than 2% decline.

(CoinDesk / CryptoCompare)

Meanwhile, a price recovery for the USDT / CNY (tether / Chinese yuan) pair has indicated that the market in China is slowly recovering from the country’s severe ban on cryptocurrency trading in September, according to Hong Kong-based crypto financial services provider Babel Finance . .

Babel Finance wrote in its weekly bulletin dated November 22 that the quoted prices of tether in the yuan on the over-the-counter (OTC) market have recovered in the past week.

Under normal market conditions, the price of a chain expressed in yuan should match that of the exchange rate of the US dollar with the Asian currency, but a chain traded at. significant discount since China’s ban.

A recovery from this discount indicates that the Chinese crypto market has returned to normalcy from the ban, which could be good news for the markets due to China’s historical significance in crypto.

Taking a technician

Bitcoin Held Support at $ 53K, Faces Initial Resistance Around $ 60K

Bitcoin day price chart (Damanick Dantes / CoinDesk, TradingView)

Bitcoin (BTC) holds support above its 100-day moving average, which is currently at $ 53,700. The cryptocurrency traded around $ 57,000 in press time and could see further up to the $ 60,000 resistance level soon.

The relative strong index (RSI) on the daily chart is almost oversold, similar to what happened in late July and September, which preceded near-50% price hikes. However, buyers will have to break above the $ 60,000- $ 65,000 resistance zone to yield high-priced targets.

Price momentum is slowing on the daily chart, although initial signs of lower exhaustion could stabilize July’s medium-term uptrend. Volatility is likely to return to the U.S. Thanksgiving, which could lead to sharp price movements over the weekend.

Important events

13:00 HKT / SGT (5:00 UTC): Japan’s leading economic index (Sept.)

15:00 HKT / SGT (7:00 UTC): German gross domestic product (Q3 / YoY)

4:10 pm HKT / SGT (8:10 am UTC): Speech by Frank Elderson, Member of the Management Board of the European Central Bank

21:30 HKT / SGT (13:30 UTC): Speech by Christine Lagarde, President of the European Central Bank, at the Proportion Symposium

American Thanksgiving

CoinDesk TV

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