In a largely favorable week, the global crypto market cap rose 2.12% from $1.41 trillion at the start of the week to the current $1.44 trillion, with Bitcoin (BTC) and Oasis Network (ROSE) each making notable movements.
Bitcoin #BTC , as the leading cryptocurrency, wielded significant influence over the wider crypto market in its recent movements. Starting the week on a positive note, it faced downward pressure on Nov. 21 due to reports surrounding Binance’s legal issues.
The impact was notable as Bitcoin experienced a sharp drop from $37,448 to $35,735 on Nov. 21, breaching key support levels and causing a 4.56% decrease. This downturn resonated across the crypto sphere, leading to similar declines.
Interestingly, the following day showcased a complete reversal. On Nov. 22, Bitcoin surged by 4.66%, recovering the losses incurred from the Binance news and even adding a marginal 0.10% gain. This bullish trend continued until Nov. 24, where Bitcoin reached a new yearly high of $38,414.
Despite this peak, Bitcoin struggled to maintain the $38,000 level, closing at $37,717 on Nov. 24. Attempts to reclaim this threshold have been unsuccessful since. Nevertheless, Bitcoin has sustained its upward momentum, trading above both the 50-day EMA ($34,170) and the 200-day EMA ($29,761), marking a weekly increase of over 3.1%.
Oasis Network #ROSE was one of the few assets that began this week on a bearish note, witnessing two consecutive declines on the first two days of the week. ROSE dropped 4.75% on Nov. 20 and then recorded a steeper decline of 9.55% on Nov. 21, as the broader market faced a drop.
Remarkably, the asset recovered the Nov. 21 loss, surging 11.51% on the following day. The uptrend continued for the rest of the week, with #ROSE soaring 14.57% from Nov. 24 to 26. It rallied to a high of $0.0832 today before facing resistance. This represented its highest price in over nine months.
To hedge against any significant drops, #ROSE/USDT needs to hold above the $0.0764 support stationed at the 0.38 Fibonacci level. On the other hand, the asset would need to conquer Fib. 618 is currently at $0.0854 for bullish continuation.
Source: crypto.news