Beyond the Surface: Crypto Daybook Americas

By Omkar Godbole (All times ET unless otherwise specified) The recovery of Bitcoin's price, currently at $85,092.34, has hit a wall just above $91,000 over the past 24 hours. However, the broader market exhibits moderate strength, with the CoinDesk 20 (CD20) Index rising by 0.5% and the CoinDesk 80 (CD80) Index gaining 1%. Since last Friday, when the BTC price plummeted to nearly $80,000 on some exchanges, the market has stabilized. It has since experienced an 11% increase, triggering larger rebounds in major altcoins like ether, XRP, and solana. The short-term outlook appears promising, as volatility indicators for BTC and U.S. stocks have decreased, eliminating the recent spike. Additionally, the options markets for BTC and ETH show reduced demand for put protection, indicating that traders are less concerned about potential downsides. This shift is largely driven by renewed speculation about the Fed's potential interest rate cuts. However, the overall crypto market breadth remains bearish. Of the top 100 coins by market value, including BTC and ETH, 85 are trading below their 50-day simple moving averages (SMA). This means that only 15 tokens have higher prices, suggesting a constructive near-term outlook. Furthermore, 83 coins are currently trading below their 200-day SMAs, indicating that while BTC's price bounce is notable, it is still far from confirming a bullish recovery. In comparison, the Nasdaq breadth appears healthier, suggesting that equities are experiencing stronger participation than the crypto market. On Wednesday, 55 of the top Nasdaq 100 Index stocks traded below their 50-day SMAs, with 48 stocks lingering below their 200-day SMAs. A shift in crypto breadth to bullish will depend more on Fed Chair Powell's statements at the December 9-10 meeting than the expected 25 basis-point cut, which markets have already factored in. If he signals aggressive easing next year, most coins could reclaim key SMAs, confirming a bullish revival. Otherwise, the bounce risks losing momentum. Remain vigilant! Read more: For an analysis of today's activity in altcoins and derivatives, see Crypto Markets Today. Key Events to Watch For a comprehensive list of events this week, see CoinDesk's Crypto Week Ahead. Token Events For a comprehensive list of events this week, see CoinDesk's Crypto Week Ahead. Conferences For a comprehensive list of events this week, see CoinDesk's Crypto Week Ahead. Market Trends Bitcoin Statistics Technical Analysis Crypto Equities U.S. markets were closed on Thursday due to Thanksgiving. Crypto Treasury Companies ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors While You Were Sleeping