Price Analysis 11/30: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

BTC and many altcoins raise dust after Federal Reserve Chairman Jerome Powell discusses the possibility of rate hikes weaker in 2023, but is the momentum sustainable?

Price analysis

Bitcoin (BTC) shrugged off weakness in US stock markets and is trying to start a recovery on November 30. Buyers are looking for a monthly close above $17,000. This suggests that sales that had picked up due to the FTX crisis may be declining.

Usually retail investors panic and dump their holdings in a bear market, but it's the opposite with Bitcoin investors. According to Glassnode data released on November 27, investors holding less than one bitcoin, also known as prawns, have purchased 96,200 bitcoins since the FTX crash.

Similarly, investors holding between 1 and 10 bitcoins, classified as crabs, bought 191,600 bitcoins in the last 30 days. This shows that investors continue to accumulate at lower levels.

Daily Cryptocurrency Market Performance. Source: Coin360

However, a strong rally in Bitcoin price is unlikely for some time. Trading firm QCP Capital believes the Dec. 13 U.S. consumer price index data and Dec. 14 U.S. Fed policy decision could be risk factors, as many investors may be "forced to continually sell assets to increase liquidity." The QCP expects the situation to turn around only in the second or third quarter of next year, after the Fed may have pivoted and released liquidity into the system.

Could Bitcoin Lead Cryptocurrency Markets? Let's study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin rose from $15,995 on November 28 and broke above the developing descending triangle pattern on November 30. It invalidates...