The crypto sentiment indicator has moved up from extreme fear, and other social media indicators suggest sentiment is moving more bullish toward Bitcoin. After 18 days at the bottom of a widely used crypto market sentiment index, the market appears to be showing early signs of improving sentiment. The Crypto Fear & Greed Index, which measures overall crypto market sentiment, posted a “Fear” score of 28 on Saturday, the first time since Nov. 10 that it hasn’t posted an “Extreme Fear” score. The prolonged stretch near the index’s most bearish level for the majority of November, historically Bitcoin’s (BTC) best-performing month on average, did not go unnoticed by the broader crypto community. Read more
Cooling US labor data is shifting growth expectations, rate paths and liquidity, creating new macro pressures for Bitcoin and the broader crypto market. Read more
Ethereum educator Anthony Sassano said Ethereum’s gas limit could climb beyond three times next year, with some developers pushing for a fivefold increase. Ethereum educator Anthony Sassano said the goal to significantly increase Ethereum’s gas limit to 180 million next year is a baseline rather than a best-case scenario. “I think that’s the floor, that’s the minimum, I think we can go higher than that,” Sassano said during an interview on the Bankless podcast on Friday, just a day after Ethereum’s gas limit, which is the maximum amount of work the network allows in each block, was raised from 45 million to 60 million. “The general consensus that has been set by the core developers and researchers is that they want to aim for at least a 3X increase in the gas limit for the next couple of years,” he said. Read more
Bitcoin and several altcoins continue to show strength, but charts suggest that each needs a strong close above a key exponential moving average to continue the uptrend. Key points: Bitcoin has reached a crucial overhead resistance, where the bears are expected to mount a strong defense. Several major altcoins are attempting a recovery, which is likely to be met with selling pressure at higher levels. Read more
Bitwise crypto researcher André Dragosch said, “We’re staring at a similar macro setup” for Bitcoin as during the COVID-19 pandemic. Bitcoin may have significant upside from here as its current price appears to be out of step with the forward macroeconomic outlook, according to a crypto researcher. “The last time I saw such an asymmetric risk-reward was during COVID,” Bitwise Europe head of research André Dragosch said in an X post on Friday, referring to March 2020 when global pandemic fears sent Bitcoin’s (BTC) price tumbling from around $8,000 to below $5,000. Dragosch said that while Bitcoin’s current setup mirrors the extreme risk-reward conditions seen during the COVID pandemic, it is also “pricing in the most bearish global growth outlook since 2022,” pointing to a period marked by aggressive quantitative tightening from the US Federal Reserve and the collapse of crypto exchange FTX. Read more