No news can stop the big push!

24.11.2023

Dear traders,

The crypto market continues to push into resistance, and buying volume increases with a possible significant push up.

Jake
TOP Trader

BTC is aiming to break the significant resistance at 38k and retest it once more. If the weekly close is above 38k, we could witness a substantial push to 40k and beyond.

ETH is approaching a $2100 resistance, and if it breaks on the daily, we could witness a significant continuation in the upward push.

XRP is losing momentum and retracing below the $0.62 channel. It requires a substantial push with increased buying volume to propel the price upward. Nevertheless, $0.62 presents strong resistance, and a breakthrough above it will indicate a bullish continuation.

LINK is currently testing the $14 support and must maintain it for a bullish continuation. A significant, robust push is still required to overcome strong resistance.

SOL pushed above the $57 support and needs to hold it; otherwise, a push back to $47 may come soon.

EOS is just holding above the $0.662 support and needs to do so for a bigger push up on the daily chart.

LTC is still fighting with the $70 resistance and needs to hold above it for a bigger push up. It is still in danger of a downtrend and a more substantial push down.

The DXY dollar pushed from the 103.5 support and now needs to push strongly up.

Crypto/stock daily news:

QUICK HITTERS FROM TWITTER

1/ BINANCE SEES $1B+ IN NET OUTFLOWS AFTER CZ STEPS DOWN

It’s been 24 hours since:

CZ stepped down as Binance CEO.
Binance was fined over $4B by the U.S. government.

In that time, Binance witnessed $1.2B in net outflows, signifying funds leaving the exchange.
Meanwhile, over the last 24 hours, other exchanges like OKX, Kraken, etc., have experienced net inflows.

Everyone knows the rules… one exchange’s pain is another exchange’s gain.

2/ THE SEC IS MEETING WITH BIG-NAME FIRMS TO DISCUSS A SPOT BITCOIN ETF

James Seyffart is:

An analyst for Bloomberg Intelligence.
An expert on Exchange Traded Funds (ETFs).
One of the individuals who “breaks the news” for anything related to spot Bitcoin ETFs.

He’s akin to Woj for the NBA, Adam Schefter for the NFL, or TMZ for all the Hollywood drama.

Now, here’s the latest significant news:

It looks like the SEC is holding multiple meetings with major players such as Grayscale, BlackRock, NASDAQ, etc., to discuss the launch of a spot Bitcoin ETF.

“It’s not a matter of if, it’s a matter of when.”

3/ MT. GOX REPAYMENTS STARTING SOON

Mt. Gox, a renowned Japanese crypto exchange, reached its peak by handling approximately 70% of all Bitcoin transactions.

In 2014, the exchange suffered a theft of 850,000 BTC (equivalent to ~$32 billion at yesterday’s prices). Subsequently, Mt. Gox suspended all activities and filed for bankruptcy a few days later. R.I.P.

Over the years, Mt. Gox managed to recover approximately 140,000 BTC. For a lengthy nine years, creditors have patiently awaited the opportunity to reclaim some of their funds.

It appears that the long-awaited moment may finally be approaching. According to several Twitter users, Mt. Gox creditors have received emails indicating that repayments will (hopefully) commence by the end of 2023 and extend into 2024.

Why this matters: A substantial amount of ‘lost’ bitcoin is poised to return to the market, presenting investors on the receiving end with a Red Pill – Blue Pill decision.

Red Pill: Sell for a significant profit. When Mt. Gox happened, BTC was valued at ~$600. Today, BTC is ~$37k, representing a 61x return. Some individuals are concerned that this influx could exert selling pressure on Bitcoin.

Blue Pill: HODL. After enduring a lengthy 9-year wait, some may choose to continue holding onto their assets.