FX.co ★ Technical Analysis of BTC/USD for November 30, 2021

Crypto Industry News:

While Bitcoin's position as a hedge against inflation continues to attract investors, new data shows a shift in sentiment. This is happening as Ethereum and other cryptocurrency products are gaining momentum against the falling Bitcoin AUM (Assets Under Management).

BTC assets under management fell 9.5% to $ 48.7bn in November, the biggest monthly decline since July. On the other hand, altcoin-based crypto funds like ETH saw AUM grow 5.4% to $ 16.6 billion.

Total AUM in all digital asset investment products fell 5.5% to $ 70m, coinciding with an ongoing bear market since Bitcoin hit its all-time high above $ 65,000.

Following a decline of 9.5%, the Bitcoin AUM market represents 70.6% of the total AUM share. However, AUM Ethereum grew 5.4% to $ 16.6 billion, while AUM representing other crypto assets grew by $ 2.6 billion.

Weekly flows to Bitcoin-based products in November averaged $ 94.4 million, according to the report. Of the remaining $ 67.8 million, Ethereum-based products contributed approximately $ 24.4 million, while Cardano and Tron-based products amounted to $ 10.7 million and $ 10.5 million, respectively.

US giant Morgan Stanley said it has increased its exposure to Bitcoin by purchasing shares of the Grayscale Bitcoin Trust. Morgan Stanley's recent filing with the United States Securities and Exchange Commission (SEC) showed a 63% increase in the stake of the Grayscale Bitcoin Trust (GBTC). With a market price of nearly $ 45, the overall crypto-focused Morgan Stanley portfolio exceeds $ 300 million, mostly geared towards exposure to BTC with no direct crypto investments.

Technical Market Outlook

After the ABCxABC complex corrective pattern might have been completed at the level of $53,331 the BTC/USD pair has bounced towards the wave B high seen at $59,403. The bulls are ready to resume the up trend again. The recent local high was made at the level of $58,244, but in order to confirm the up trend continuation bulls must break through the wave X high located at $60,013. The nearest technical support is seen at the level of $55,748 and $53,306. The larger time frame trend is still up.

Weekly Pivot Points:

WR3 - $65,476

WR2 - $62,564

WR1 - $59,328

Weekly Pivot - $56,242

WS1 - $53,008

WS2 - $49,857

WS3 - $46,541

Trading Outlook:

The ABCxABC complex corrective cycle might be terminated. According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. This scenario is valid as long as the level of $52,943 is clearly broken on the daily time frame chart (daily candle close below $52,000).