Crypto Market Pulse - December 9, 2024

LAST WEEK RECAP:

• BTC price reached $100K for the first time
• ETH price reached $4K for the first time since March
• U.S. non-farm payrolls increased by 227K in November, higher than the expected 214 K. The unemployment rate slightly increased to 4.2%, the same as estimated.
• South Korea announced martial law, and crypto prices in the Korean market diverged from the global market briefly.
• Trump nominated Paul Atkins as SEC chairman. Fed chairman Powell said, “Bitcoin is like gold.”
• Blackrock’s 2025 Global Outlook report highlights Bitcoin's potential as a new diversified asset.

LEGACY MARKETS – DXY

DXY exhibited a relatively stable price action and still consolidating within last week's price range.

LEGACY MARKETS – VIX

VIX oscillated within a narrow range as market volatility remained subdued. There were no significant spikes, reflecting steady investor sentiment

BTC WEEKLY VIEW

BTC is breaking through the key 100K level and reaching new all-time highs. Then, it was followed by a sharp pullback as profit-taking set in. However, it quickly recovered, demonstrating strong buying interest and maintaining its bullish momentum.

ETH WEEKLY VIEW

ETH benefited from the bullish momentum sparked by BTC’s break above 100K, pushing it back to its previous high. We’re now watching closely to see if it will continue upward or consolidate at this level. Noticeably, there was not a significant volume gain here.

ETH/BTC

Last week, the ETH/BTC pair showed more strength, with ETH regaining ground amid BTC’s rally above 100K. The pair is now breaking key levels, and we’re monitoring whether ETH will strengthen further or maintain its current range.

TOTAL3 USD MARKET STRENGTH

TOTAL3 consolidates at high levels, reflecting a healthy sideway within an overall uptrend. This is the kind of price action we seek to confirm a sustainable bullish structure.

TOTAL3 BTC MARKET STRENGTH

TOTAL3/BTC surged significantly during BTC's break above 100K, continuing its upward momentum. However, we will likely see some pullback or consolidation in the short term before further upside.

SUMMARY

• BTC reached a new all-time high, breaking the 100K milestone.
• Altcoins have experienced some horizontal consolidation, reflecting a period of adjustment amid the broader bullish trend.
  
  

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post was prepared by Kairon Labs Trader Patrick Li and Travis Su

Edited by: Carla Ramos