Bitcoin tops $35,000, altcoins send mixed signals, Wall Street posts longest winning streak in nearly two years

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After a minor correction in recent days, Bitcoin continues to rebound from $35,000.

BTC Price Chart – 1 Day | Source: TradingView

US stocks

The S&P 500 and Nasdaq Composite both rose during Tuesday’s trading session, posting their longest winning streak in nearly two years and helping to solidify gains in November.

As of the close of trading on Tuesday, the S&P 500 Index rose 0.28% to 4,378.38 points; the Nasdaq Index rose 0.9% to 13,639.86 points. The Dow Jones Industrial Average edged up 56.74 points (0.17%) to 34,152.6 points.

For the first time since November 2021, when it recorded eight consecutive trading days of gains, the S&P 500 rose for its seventh consecutive trading day. At the same time, the Nasdaq Composite Index also achieved eight consecutive gains for the first time since November 2021, when it posted 11 consecutive gains. The Dow Jones also posted its “seventh consecutive gain” and its longest breakout since July this year.

Technology stocks rose as yields retreated, with the 10-year Treasury yield falling 9 basis points to 4.573%. Stocks such as Amazon and Salesforce rose more than 2%, while Apple, Microsoft and Meta Platforms rebounded about 1%. Semiconductor stocks such as Advanced Micro Devices, Broadcom and Intel rose ahead of the launch of CHIP Act funding.

After all three major stock indexes posted their best weeks of 2023, Wall Street continues to assess whether last week’s gains can continue. All three major stock indexes are up so far this month, with the Dow Jones up 3.3%, the S&P 500 and Nasdaq up 4.4% and 6.1%, respectively.

Wall Street is now awaiting additional comments from some central bank officials, including Federal Reserve Chairman Jerome Powell. Additionally, Disney, Wynn Resorts and Occidental Petroleum are among the companies set to report profits this week.

Gold prices hit a two-week low on Tuesday as a recovery driven by safe-haven demand from tensions in the Middle East petered out. Currently, the market is paying attention to the interest rate signals from Federal Reserve (Fed) officials.

Spot gold contracts fell 0.48% to $1,968.09 per ounce. U.S. gold futures contracts fell 0.8% to $1,973.5 an ounce. Silver fell 1.85% to $22.59 an ounce.

U.S. crude oil prices fell sharply below $78 a barrel during Tuesday’s trading session and hit their lowest level since July as weak global economic data overshadowed concerns about a possible regional conflict between Israel and Hamas.

The U.S. WTI crude oil futures contract fell by $3.45/barrel (equivalent to 4.3%) to $77.37/barrel, and the Brent crude oil futures contract fell by $3.57/barrel (equivalent to 4.2%) to close at $81.61/barrel. WTI and Brent crude prices both closed at their lowest levels since July.

Bitcoin and altcoins

Yesterday, after hitting a local bottom near $34,500, Bitcoin suddenly rebounded strongly, breaking through the $35,000 mark and establishing a local peak at $35,888 before falling back.

The market-leading asset continued its gains for the day, closing at $35,399, marking four days in a row of closing prices above $35,000.

However, BTC still faces strong resistance near the $36,000 area.

BTC Price Chart – 4 Hours | Source: TradingView

The altcoin market was mixed that day, with Bitcoin appearing to be regaining its previous upward momentum.

Trust Wallet Token (TWT), Toncoin (TON), WOO Network (WOO), Cronos (CRO), Flow (FLOW), Tezos (XTZ), Solana (SOL), Sui (SUI), Conflux (CFX), Polygon ( MATIC), Rocket Pool (RPL), VeChain (VET)… are the projects with the best recovery among the top 100, rebounding from 2-9%.

On the downside, NEAR Protocol (NEAR), The Graph (GRT), PancakeSwap (CAKE), Render (RNDR), Oasis Network (ROSE), Frax Share (FXS), Aptos (APT), Arweave (AR), Neo (NEO), Decentraland (MANA), THORChain (RUNE), XDC Network (XDC), Optimism (OP)… lost 3-8% of their value during the day.

Source: Coin360

Ethereum (ETH) officially closed lower, ending a 4-day winning streak. The market appears to be facing resistance at $1,900, which bulls have continued to break above over the past three days. ETH is currently trading around $1,888, down slightly by 0.5% in the past 24 hours.

ETH Price Chart – 1 Day | Source: TradingView

The “Today’s Coin Price” column will update market dynamics at 9:00 every day, and readers are sincerely invited to pay attention.

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