Bitcoin’s Likely Performance This Week
Weekly Bitcoin Range: Bitcoin’s price currently sits at $97,578.80, with recent price action indicating it might oscillate between $90,000 and $100,000, as suggested by the chart. This range highlights strong support at $90,000 and significant resistance at the $100,000 psychological level. Traders are closely monitoring whether Bitcoin will break out of this range, with a potential upward move driven by favorable market conditions or a downward slide if bearish sentiments dominate. For now, this range-bound movement presents opportunities for short-term trades as investors await clearer market signals.
Upcoming U.S. Economic Numbers
This week brings critical U.S. economic data that could influence financial markets, including Bitcoin:
Thursday, December 5th:
- Initial Jobless Claims (Nov. 30):
Forecast: 215,000 | Previous: 213,000
These figures will provide insights into labor market health, potentially impacting Bitcoin as macroeconomic trends sway institutional investment sentiment. - U.S. Trade Deficit (October):
Forecast: -$74.8B | Previous: -$84.4B
A smaller deficit could reflect improving economic conditions, boosting overall market confidence.
Friday, December 6th:
- U.S. Employment Report (November):
Forecast: 200,000 jobs added | Previous: 12,000 jobs added
Strong numbers here could suggest a robust economy, potentially impacting risk assets like Bitcoin. - U.S. Unemployment Rate (November):
Forecast: 4.1% | Previous: 4.1%
Stability in the unemployment rate might signal steady economic conditions, which could be a mixed signal for crypto. - Consumer Sentiment (Prelim, December):
Forecast: 73.0 | Previous: 70.5
Improving sentiment indicates optimism among consumers, which can indirectly influence crypto markets. - Consumer Credit (October):
Forecast: $10B | Previous: $6.0B
Increased credit spending often reflects economic growth, potentially supporting risk-on investments like crypto.
Token Unlocks and Market Impact
No major token unlocks are scheduled this week, except for Jito ($JTO) on December 7th. A total of 136.55 million JTO tokens will unlock, valued at around $486 million accounting for 13.7% of the Total Supply. This significant release could put downward pressure on $JTO’s price, making it a token to watch for volatility.
Source | Cryptorank
Other Crypto Updates
- $MONKY Token Airdrop Postponed
The eagerly awaited $MONKY token launch and airdrop have been delayed by two weeks. This extension aims to include more centralized exchange (CEX) participants and holders. The distribution criteria remain unchanged, requiring 500,000 $FLOKI holdings for eligibility. Stay cautious of scams, as only official announcements will confirm launch details.
Source | Floki’s Medium
- $FILM Token Launch by Gala
Gala Games ($GALA) is set to launch its new token, $FILM, on December 5, 2024. This token aims to revolutionize video content in the Web3 space, promising a new way to engage with cutting-edge media.
Source | GalaFilm’s X Cover Photo
- Launch of Meme Coin $SHIRO
A new cat-themed meme coin, $SHIRO, launches tomorrow with backing from Shiba ($SHIB) and Alex Becker. The hype surrounding this fair-launch token suggests it could reach a $100M market cap quickly. The project has employed creative marketing, including burning 100K Shib tokens and releasing cryptic comic episodes. While it’s a fair launch, some speculate hidden clues in the comics might give early adopters an advantage.
X @shiro
- Speculation on OpenSea Token Airdrop
According to a tweet from @aixbt_agent, OpenSea may launch its long-rumored $OS token next month, tied to its Gemesis campaign. Given the platform’s massive user base from 2020–2022, this could be one of the most significant airdrops in crypto history.
Opensea
Summary
This week is packed with significant economic data releases and crypto market events. Bitcoin’s price seems to oscillate between $90,000 and $100,000, while key U.S. reports like the employment data and trade deficit could shape market trends. New launches like $SHIRO and $OS add excitement to the crypto space.
Remember, this is not financial advice. Always do your own research (DYOR) and stay informed. Check out our blog at blog.millionero.com for more insights. If you think you’re ready to trade, Millionero offers both spot and futures trading on a secure and user-friendly platform!