Weekly Crypto Market Update - December 11, 2023

LAST WEEK RECAP:

• BTC crossed 40K for the first time in 2023 and reached a 19-month high.
• U.S. jobs increased by 199K in Nov, slightly higher than the expected 190K; unemployment rate fell to 3.7% vs. the expected 3.9%.
• SEC discussion with Bitcoin ETF issuers advances to key details according to Reuters.
• Bitcoin core developer Luke Dashjr described inscriptions as ‘spam;’ many community members disagree.
• Robinhood launched crypto trading service in the EU.
• Starknet Foundation is about to allocate 1.8B STRK tokens.

LEGACY MARKETS – DXY

DXY is still in the range. As mentioned last week, this is favorable for stocks/crypto. It’s currently finding some strength in the middle of the range, which saw crypto pulling back overnight after a strong week.

LEGACY MARKETS – VIX

No visible movement. VIX still bleeding lower & DXY being within the large range should give markets room to move further without too many hiccups.

BTC WEEKLY VIEW

As mentioned last week, the 44-46k area was the zone we thought BTC could stall and would retrace & form a new range. With the overnight 10% drop this looks to be the case. It’s to be seen, however, how large the range will be and where BTC will create the next range low.

ETH WEEKLY VIEW

ETH is still slowly grinding up since breaking over 2k. For now, the first area of interest is 2.8-3.2k till then every dip is likely to be bid up. So far, it has not been a smooth breakout at all for ETH, which is also reflected in the ETH/BTC ratio still being weak.

ETH/BTC

ETH/BTC is still weaker and can sustain any breakout thus far. Last week, the market saw a major upward pop to 2300 but ETH/BTC failed to turn that into a multi-day trend so far.

TOTAL3 USD MARKET STRENGTH

TOTAL3 finally flipped back into the 2021 price range. With BTC pulling back a bit and the market being quite heated in the short term, we’d expect some sort of consolidation here before the trend continues.

TOTAL3 BTC MARKET STRENGTH

ALT/BTC is still in the same range, and surprisingly enough didn’t go deeper on the BTC 44k touch. With BTC having a large correction, we’d expect ALT/BTC to rotate upwards once BTC finds some stable support.

SUMMARY

• BTC trades up to 44k and saw a 10% leverage flush.
• ALT/BTC has a good probability to start catching up once BTC establishes a stable price range.
  

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 is prepared by Kairon Labs Traders: Joshua van de Kerckhove, and Patrick Li

Edited by: Marianne Dasal