Forex Analysis & Reviews: 29.11.2021 - Bitcoin and Ether Rise...

29.11.2021 05:39 PM

Bitcoin and Ether Rise Rapidly Amid Easing Concerns Around Omicron

Bitcoin and Ether have managed to recover their positions after a big sell-off last Friday. The weekend turned out to be quite calm, while many expected another major fall in the cryptocurrency market, which did not happen, and it is quite possible that it will not. We have central bank meetings ahead, and investors will again resort to protecting their assets, partially using the world's first cryptocurrency.

Bitcoin's price has risen nearly 6% over the past 24 hours to $57,373, while Ether is up about 7% to $ 4331.

Most likely, investor interest in risk returned after the news that the new highly mutated variant of the Omicron coronavirus is not as dangerous as previously expected, and has milder symptoms - this is a strong push for the market, including the cryptocurrency market. Against this background, even US index futures strengthened.

The new Omicron variant is potentially weaker in terms of symptoms than indicated in the initial analysis. At the same time, a serious correction in the market persisted for quite a long time, and a number of large investors took advantage of this moment. On Sunday, Dr. Angelica Cootzee, the South African physician who first discovered the omicron variant, described its symptoms as "extremely mild." This slightly eased investors' fears about the possible resumption of restrictions and the introduction of lockdowns during the Christmas and New Year holidays.

However, the new variant of the coronavirus, which was first detected in South Africa, has spread to several European countries, including the UK, Germany, and Italy. As a result, many countries are imposing travel restrictions. For example, the United States has restricted communications with some African countries. The UK has also introduced new measures to tackle the coronavirus, including the mandatory wearing of masks in shops and on public transport.

Pharmaceutical companies and vaccine manufacturers have already announced that they have begun researching Omicron and that trials are already underway. It remains to be seen how the new strain will respond to existing vaccines and whether new formulations will be required. This was stated by the director of Moderna Paul Burton in an interview on Sunday. "The vaccine manufacturer could release a new formula against the Omicron variant early next year," Burton said.

As for the technical picture of Bitcoin

Despite the fact that BTC managed to bounce off its lows around $54,000 and recover to $57,000, the downward trend seen since November 8 is still in place. It is still too early to talk about the bulls' interception of the market. The key task will be to go beyond the resistance of $59,422 since only after that it will be possible to count on more rapid growth in the area of the highs of $63,800 and $68,880. It will be possible to speak of increased pressure only after the rate returns under the support of $55,930. The breakdown of this level will quickly dump the trading instrument to $53,190 and open a straight path to $50,220.

As for the technical picture of Ether

Given that this altcoin was in high demand last week (plans were disrupted by a new strain of coronavirus), it is quite possible that the growth will continue. Large support in the area of $3,970 remains to work itself out one hundred percent. Now the bulls need a breakout of the intermediate level of $4,367, which will open a direct path to the highs of $4,549 and $4,768. It will be possible to talk about serious problems for ether buyers only after the break of $3,970, which will push the trading instrument into the area of the lows of $3,682 and $3,405.

And finally. For fun, I advise you to look at the Omicron token chart.

Its price has risen by more than 900% after the WHO identified the COVID-19 strain of the same name. This token has nothing to do with the coronavirus strain, but someone decided that it was possible to earn money here too. Be careful and take care of your deposits.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.