Bitcoin Analysis on November 29: Record Trading Volumes at Bakkt

At this stage, we have a formed technical analysis figure - the inverted “Head and Shoulders”, the potential of which is calculated through the distance between the lower price of the head`s base to the neck level. Putting this distance up, we get short-term growth targets in the region of $ 7,800 - $ 8,200.

But despite the consolidation of the formed figure above the neck level, we must remember that the medium-term trend is now downward. With a sharp impulse down, if the level of the neck, which is now the support level, is broken in this direction, the price has every chance to continue its decline to the area of $ 6,000.

Market capitalization per day decreased by $ 1.4 billion and amounts to $ 203.6 billion at the time of writing. Trading volume fell, and returned back from $ 80 billion to $ 64, and the dominance of bitcoin in the cryptocurrency market remained unchanged at 66.5%.

Altcoin Algorand from the top 50 turned out to be the leader in growth over the past day: it added 25.12% in price. The growth of this cryptocurrency is associated with updating the internal protocol aimed at developing Dapp.

The leader of the fall over the past 24 hours was Silverway, which fell in price by 9.78%.

From the latest significant observations, one can single out the historical maximum trading volumes of bitcoin futures on the Bakkt trading platform. The daily turnover of trading volumes doubled. Earlier, a record of $ 20 million was fixed, but now it amounts to $ 42.5 million. It should be noted that this volume was formed on the last movement of bitcoin a couple of days ago - it is likely that a lot of money is starting to gain in its long-term purchases.