ביטקאָין טראגט היט אייך! בטק האלט $ 17K ווי שטיצן בשעת די S&P 500 טראפנס 1.5%

ביטקאָין (בטק) bulls regained some control on Nov. 30 and they were successful in keeping BTC price above $16,800 for the past 5 days. While the level is lower than traders’ desired $19,000 to $20,000 target, the 8.6% gain since the Nov. 21, $15,500 low provides enough cushioning for eventual negative price surprises.

One of these instances is the United States stock market trading down 1.5% on Dec. 5 after a stronger-than-expected reading of November ISM Services fueled concerns that the U.S. Federal Reserve (FED) will continue hiking interest rates. At the September meeting, FED Chairman Jerome Powell indicated that the point of keeping interest rates flat “will need to be somewhat higher.”

Currently, the macroeconomic headwinds remain unfavorable and this is likely to remain the case until investors have a clearer picture of the employment market and foreign currency strength of the U.S. dollar (DXY) index.

Excessively high levels lower the income of exporters and companies that rely on revenues outside the U.S. A weak dollar also indicates a lack of confidence in the U.S. Treasury’s capacity to manage its $31.4 trillion debt.

The impact of the 2022 bear market continues to make waves as Bybit exchange decided to roll out a second round of layoffs on Dec. 4. Ben Zhou, co-founder and CEO of Bybit, announced a steep 30% reduction in the company’s workforce. The company had previously grown to over 2,000 employees in two years.

זאל ס קוק אין דעריוואַטיווז מעטריקס צו בעסער פֿאַרשטיין ווי פאַכמאַן טריידערז זענען פּאַזישאַנד אין די קראַנט מאַרק טנאָים.

Asia-based stablecoin demand drops after a 4% peak

די USD Coin (וסד) פּרעמיע איז אַ גוט מאָס פון טשיינאַ-באזירט קריפּטאָ לאַכאָדימ טריידער פאָדערונג. עס מעסטן די חילוק צווישן טשיינאַ-באזירט ייַנקוקנ-צו-ייַנקוקנ טריידז און די פאַרייניקטע שטאַטן דאָללאַר.

יבעריק בייינג פאָדערונג טענדז צו דרוקן די גראדן העכער די שיין ווערט ביי 100%, און בעשאַס בעריש מארקפלעצער, די סטאַבלעקאָין ס מאַרק פאָרשלאָג איז פלאַדאַד, קאָזינג אַ 4% אָדער העכער אַראָפּרעכענען.

Currently, the USDC premium stands at 100.5%, down from 103.5% on Nov. 28, so despite the failed attempts to break above the $17,500 resistance, there was no panic selling from Asian retail investors.

However, this data should not be considered bullish because the recent USDC buying pressure up to a 4% premium indicates that traders took shelter in stablecoins.

Leverage buyers ignored the recent pump to $17,400

די לאַנג-צו-קורץ מעטריק יקסקלודז פונדרויסנדיקאַטיז וואָס קען האָבן בלויז ימפּאַקטיד די סטאַבילקאָין מאַרק. עס אויך קאַלעקץ דאַטן פון וועקסל קלייאַנץ 'פּאָזישאַנז אויף דעם אָרט, דוירעסדיק און קאָרטערלי פיוטשערז קאַנטראַקץ, אַזוי פאָרשלאָגן בעסער אינפֿאָרמאַציע וועגן ווי פאַכמאַן טריידערז זענען פּאַזישאַנד.

עס זענען טיילמאָליק מעטאַדאַלאַדזשיקאַל דיסקרעפּאַנסיז צווישן פאַרשידענע יקסטשיינדזשיז, אַזוי לייענער זאָל מאָניטאָר ענדערונגען אַנשטאָט פון אַבסאָלוט פיגיערז.

Even though Bitcoin gained 5.5% in seven days, professional traders have kept their leverage long positions unchanged according to the long-to-short indicator.

The ratio for Binance traders improved from 1.05 on Nov. 28 to the current 1.09 level. Meanwhile, Huobi displayed a modest decrease in its long-to-short ratio, with the indicator moving from 1.07 to 1.03 in the seven days until Dec. 5.

At OKX exchange, the metric increased from 0.98 on Nov. 28 to the current 1.01 ratio. So, on average, traders have kept their leverage ratio during the week, which is disappointing data considering the price gain.

פֿאַרבונדענע: USDC ישוער סירקלע טערמאַנייץ SPAC מערדזשער מיט קאָנקאָרד

The $16.8 support is gaining strength, but derivatives show mild buying demand

These two derivatives metrics — stablecoin premium and top traders’ long-to-short — suggest that leverage buyers did not back the Bitcoin price rally to $17,400 on Dec. 5.

A more bullish sentiment would have moved the Asian stablecoin premium above 3% and the long-to-short ratio higher versus the previous week. The present data from those two markets reduce the odds of a sustainable rally above $17,400. Still, a 3.5% decline toward the $16,500 support should not cause concern because both metrics showed no sign of leveraged bearish bets being formed.

In short, the bearish sentiment prevails, but bears are becoming less confident even as Bitcoin price trades flat and the S&P 500 index declined by 1.5%.