Market overview
2024-12-02

WHAT HAPPENED? 

Last week, Bitcoin started to decline but almost fully recovered by the end of the week. Most of the time, we were in a narrow rotation without a clear bias to either side.

 WHAT WILL HAPPEN: OR NOT? 

Currently, we’ve captured liquidity at $95,000, and it’s reasonable to expect a resumption of buying. Earlier, sellers failed to resume activity from an important sell zone, proving significantly weaker than anticipated. If buyers cannot seize the initiative against such weak sellers, we’ll need additional fuel to reach the much-anticipated $100,000 mark, potentially testing lower buying zones first.

On a broader scale, the priority for the week remains on longs, as the likelihood of buyers resuming is significantly higher than that of sellers.

 Buying Zones: 

$94,000–$92,500 (a small zone of accumulated volumes)
$92,000–$89,400 (accumulated volumes)
~$80,000 (volume anomaly)
$77,000–$74,000 (large volume zone)
$71,400–$70,800 (mirrored volume zone)
$63,100–$62,500 (mirrored volume zone)
$60,000–$59,000 (buyer activity)

 Selling Zones: 

$100,000 (key psychological level)

 IMPORTANT DATES

Macroeconomic news: 

Monday:

17:45 (GMT+3): U.S. Manufacturing PMI (Nov).
Tuesday:

18:00 (GMT+3): U.S. Job Openings (JOLTS) (Oct).
Wednesday:

16:15 (GMT+3): U.S. ADP Nonfarm Employment Change (Nov).
17:45 (GMT+3): U.S. Services PMI (Nov).
18:00 (GMT+3): U.S. ISM Non-Manufacturing PMI (Nov).
21:45 (GMT+3): Speech by Federal Reserve Chair Jerome Powell.
Thursday:

16:30 (GMT+3): U.S. Initial Jobless Claims.
Friday:

16:30 (GMT+3): U.S. Average Hourly Earnings (Nov), Nonfarm Payrolls (Nov), and Unemployment Rate (Nov).