Bitcoin Price Analysis on December 2: The Low Market Activity

For most of the weekend, the Bitcoin chart was in a downtrend, only in the last hours, having made an attempt to grow to $7,500, which turned out to be unsuccessful, and the price returned to the previous level. Volatility was only $200.

Both on a global and local level, the chart is under a downward line that it cannot break. The key area for bitcoin was the level of $7,500, which broke on Friday. However, he didn’t manage to stay there, and we saw a fall to $7,200.

Bitcoin Support Levels and Market Capitalization

Below the area of $7,200 - $7,100, there are a large number of stop orders for long-traders. Therefore, if we manage to collect them, then we are waiting for a drop to $6,500. The further trend is still down, and we need to wait for new strong liquidations.

Total market capitalization continues to be near the $200 billion and is strong support for the entire market. The volume traded is $ 58 billion and showed a decrease of 10% over the last day. Bitcoin dominance remains at 66.4%.

Altcoin Market Performance and VeChain Growth

The day was positive for altcoins, as more than 80% of the coins from the Top-100 showed growth against the dollar. The clear leader among them was VeChain, which grew by 28% per day. It is due to listing on Binance US and zero commissions during the month when trading on this site. It is not the first time we have noticed how the coins that are added to Binance US begin to grow rapidly.

The leader of the fall on this day was the Matic Network, which lost only 7%. But this is just a small correction after double growth in a week.