Boring fluctuations over the holidays register a negative balance reflected by a red close in the first week of December.
The third upward turn has failed, putting the brakes on the good intentions expressed in the first two days of last week, between Monday 5 and Wednesday 7 November, when Bitcoin’s price managed to rise above $17,400 after more than 20 days dragging the rise of Ethereum and the other major altcoins.
There are few positive weekly sales. Among the major capitalized ones, Monero (XMR) stands out, putting up more than 6% with prices climbing back above $152 per token for the first time since early November.
Very good performance by TonCoin (TON) the token on Open Network’s blockchain linked to the messaging app Telegram. With the latest double-digit weekly leap (+11.7%), the fifth consecutive upward leap, the price is above $2.16 for the first time since last April. With a total capitalization of $2.5 billion, Toncoin enters the Top25 for the first time.
The new week of December gets off to a rocky start. As Monday rolls around, all major cryptocurrencies trade below parity. Among the Blue Chips though, the week is off to a difficult start for Dogecoin (DOGE) and Binance (BNB), both losing more than 6%. Among the top 50 capitalized, the two exceptions are Monero (XMR) and Toncoin (TON), which continue to move against the tide preceded by the plus sign.
In the last few hours, volatility is also returning to stir. It returned to October levels last week, the lowest in two years, and in the last 48 hours has risen more than 10% highlighting growing fears of an upcoming price jolt.
Bitcoin (BTC) price
During yesterday, Sunday 11 November, the price of BTC lost the $17k level for the first time in 4 days and then recovered the technical and psychological threshold just before the daily and weekly close.
This will be the level to follow for the next few days and understand whether the recent weakness is part of a technical retracement, or the uptrend of the past few weeks was just a technical bounce within a long-term bearish trend.
Ethereum (ETH) price
Ethereum‘s price trend continues to confirm the technical harmony that ETH has been having for several weeks.
With the low of Wednesday, 7 December in the $1,220 area, after closing the previous weekly cycle and starting the new and current cycle, the price has risen again trying for the umpteenth time to break the $1,300.
The failed attempt again indicates the presence of the bearish to protect a crucial technical area. In fact, breaking $1,300 and exceeding $1,330 would indicate a clear signal of a reversal of the monthly trend from bearish to bullish.