Bitcoin’s Market Overview
Bitcoin Outlook: Bitcoin is trading around $96,000, slightly down before market-open. The recent price surge earlier this month pushed BTC close to $100,000, but it has now cooled off slightly. This could be a consolidation phase before a bigger move. Analysts are keeping an eye on this level as a possible support/resistance zone, with $100,000 remaining a key psychological resistance.
Major Economic Events in the U.S.
This week has some important updates on the U.S. economy:
- Tuesday, Nov. 26:
- Consumer Confidence Report (10:00 AM ET): This measures how optimistic people feel about the economy. A higher number is better for markets.
- New Home Sales (10:00 AM ET): The number of homes sold in October. Lower sales might signal a slowdown in the housing market.
- Fed Meeting Minutes (2:00 PM ET): These notes reveal what the Federal Reserve discussed earlier this month, giving clues about future interest rates.
- Wednesday, Nov. 27:
- GDP Update (8:30 AM ET): A revision to the U.S. economy’s growth in Q3 is expected to stay at 2.8%.
- October PCE Index (10:00 AM ET): Expected at 0.2%. This index measures inflation and could influence market sentiment if it deviates from the forecast.
- October Core PCE Index (10:00 AM ET): Anticipated at 0.3%, representing inflation without volatile items like food and energy. A higher number could support the Fed’s cautious stance.
- Year-over-Year PCE (10:00 AM ET): Forecast at 2.3% (headline) and 2.8% (core), showing persistent inflation pressures.
Markets will likely slow down on Thursday, as it’s Thanksgiving, with no major reports scheduled for Thursday and Friday.
Token Unlocks and Major Crypto Events this Week
Sunday, Nov 24:
Source | Blockchain Reporter
- Baby Doge Coin (BABYDOGE): Launch of a multi-blockchain explorer at scanbabydoge.com. This feature allows users to interact with wallets across eight different blockchains. While this boosts utility for BABYDOGE, its price impact may remain limited unless adoption increases significantly.
Monday, Nov 25:
Source | X @leap_wallet
- Celestia (TIA) integrates a light node into wallets via the Leap Wallet. This step could attract more users to the TIA ecosystem.
Tuesday, Nov 26:
- Cardano (ADA): Unlocking 18.53 million tokens (0.5% of supply). This is expected to cause minor price fluctuations.
Thursday, Nov 28:
Source | playtoearn
- FLOKI: Launching its Valhalla Mainnet with a focus on gaming and partnerships like KICK F1 Sim Racing. This event could increase interest in FLOKI.
Friday, Nov 29:
- Immutable (IMX): Unlocking 24.52 million tokens (1.47% of supply). This might lead to price volatility depending on sell pressure.
Saturday, Nov 30:
- 1inch (1INCH): Unlocking 98.74 million tokens (7.72% of supply). Significant supply increases like this can weigh on price.
- Optimism (OP): Releasing 31.34 million tokens (2.5% of supply). Similar to 1inch, this could influence OP’s market dynamics.
What to Watch
This week’s action will likely center on Bitcoin’s performance at key levels and reactions to U.S. economic reports. You should also beware of market slowdown at the end of this week due to Thanksgiving holiday. Traders should also monitor how token unlock events affect their respective markets, as they often lead to short-term price swings.
This article is not financial advice. Always do your own research DYOR and visit blog.millionero.com for insights. When you feel confident, trade spot and futures on Millionero responsibly.