Benzinga - Major coins were spiking on Tuesday evening as the global cryptocurrency market cap rose 4.4% to $854.2 billion at 8:30 p.m. EST.
| Bitcoin (CRYPTO: BTC) | 4.2% | 4.3% | $16,864.72 |
| Ethereum (CRYPTO: ETH) | 8.6% | 12.15% | $1,267.84 |
| Dogecoin (CRYPTO: DOGE) | 13.1% | 37.4% | $0.11 |
| Huobi Token (HT) | +16.5% | $7.20 |
| Dogecoin (DOGE) | +13.1% | $0.11 |
| Fantom (FTM) | +12.7% | $0.22 |
Why It Matters: Dogecoin led the gains among the major coins. The bellwether meme coin was among the top gainers on Tuesday.
Cryptocurrencies were in the green at the time of writing even as U.S. stock futures remained flat ahead of a speech from U.S. Federal Reserve Chair Jerome Powell.
“Bitcoin is bouncing around the $16,000 level as cryptocurrency traders await the next domino to fall in the FTX saga,” said Edward Moya, a senior market analyst with OANDA.
Moya said that this was not a “friendly environment” in which to buy the cryptocurrency dip given the elevated downside risks.
“Bitcoin could continue to stabilize here if Wall Street rebounds, but that seems unlikely as this bear market for stocks has yet to bottom out. Bitcoin has support ahead of the $15,500 level but if that does not hold, technical selling could send prices toward the $13,500 region,” said Moya in a note seen by Benzinga.
Michaël van de Poppe said on Bitcoin’s chart that the coin had made a higher low and was aiming at resistance again. The cryptocurrency trader said that the coin taking out the range between the $16,500 and $16,800 level would trigger a continuation toward the $18,000 level for the apex coin.
Makes sense after this bounce, as we've created a HL on #Bitcoin and aiming at resistance again.Trader Justin Bennett said he sees a “lot of upside” for Bitcoin if it can get past the $16,981 level.Taking out the range between $16.5-16.8K would trigger continuation towards $18K. pic.twitter.com/j2ZymCZKVZ
— Michaël van de Poppe (@CryptoMichNL) November 29, 2022