Crypto News: Bitcoin Extends Winning Streak to 6-Weeks While BLUR Steals the Show

Key Insights:

• Bitcoin (BTC) extended its winning streak to six weeks in the week ending November 26 on optimism toward BTC-spot ETF approvals.
• However, Blur (BLUR) led the top 100 cryptos despite a weekend pullback as investors responded to listing news and airdrops.
• Crypto-spot ETFs remain the focal point as investors await an influx of institutional money.

Bitcoin (BTC) Pulls Further Back from $38,000

On Sunday, BTC fell by 0.72%. After a 0.12% loss on Saturday, BTC ended the week up 0.04% to $37,400.

Investor optimism toward the SEC approving a batch of BTC-spot ETFs continued providing support. BTC extended its weekly winning streak to six weeks in the week ending November 26, 2023.

On Friday, November 24, 2023, BTC struck a new 2023 high of $38,437. Investors reacted to the recent performance of the Grayscale Bitcoin Trust ETF, which saw its discount slide to a record new low. The performance highlighted increased demand for BTC-linked investment products.

Glassnode recently analyzed the marked shift in the crypto market environment. In a November 20, 2023, report, Glassnode reported that 83.6% of BTC supply is in profit, the highest level since November 2021.

Notably, anticipation of an influx of institutional money after the approval of BTC-spot ETFs remains the driving force. BTC-spot ETF-related news will continue to influence buyer demand for BTC. The next deadline for the SEC is January 1, 2024.

However, investors must contend with increased US regulatory scrutiny of the crypto space. More SEC enforcement actions against crypto firms could test investor sentiment late in the year.

Blur Led the Top 100 on Binance Listing

Blur (BLUR) surged by 68.8% in the week ending November 26, 2023. News of Binance listing BLUR contributed to a breakout Friday.

However, rewards have also put BLUR on the map. One NFT trader announced receiving 22,851,000 BLUR from the BLUR.io Season 2 drop, incentivizing investors to target Season 3.

On November 21, Blur announced that 50% of Season 3 rewards will go to NFT traders via Blur points. Traders receive points for bidding, listing, and lending on NFTs. Blur is an NFT marketplace for pro traders, backed by Paradigm.

On Monday, BLUR was down 5.05% to $0.545, with profit taking likely contributing to the early losses.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs despite losses over the weekend. The EMAs reaffirmed bullish price signals.

A BTC break above the $37,600 resistance level would support a move to the November 24 high of $38,437. A BTC move through $38,437 would bring the $39,000 resistance into play.

BTC-spot ETF-related news updates remain the focal point.

A fall below the $37,000 handle would bring the $36,400 support level into play.

The 14-Daily RSI reading of 59.29 indicates a BTC return to the Friday high of $38,437 before entering overbought territory.

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, reaffirming bullish price signals.

An ETH move to $2,100 would bring the $2,143 resistance level into play.

However, a fall through the $2,021 support level would give the bears a run at the $1,926 support level.

The 14-period Daily RSI at 60.33 indicates an ETH break above the $2,143 resistance level before entering overbought territory.