This week’s price movements for Bitcoin (BTC), gold, and our stock pick Facebook, now known as Meta Platforms.
BTC
Having worked through spikes and dips, Bitcoin (BTC) seems to have leveled around $57,000. Trading around this price point on November 19, BTC managed to rise and breach $60,000 by November 22, only to drop back to $56,000 by November 23. Despite pushing back up to $59,000 on November 25, BTC plummeted to $54,000 on November 26, where it traded until spiking back up to $58,000 on November 28. Channeling between $59,000 and $56,000 since then, it is currently trading around $57,000.
Although BTC has been stuck beneath $59,000 recently, some analysts expect bullish sentiment to return this month given positive seasonal trends. “Here we see a classic market pattern: consolidation at an important level in September, a breakout and subsequent steady and methodical buying throughout October and the first half of November, and finally a period of correction and cooling off in November while maintaining significant levels,” said Alex Kuptsikevich, an analyst at FxPro. “Now, the correction and consolidation look complete, and the ether looks set to rewrite historical highs.”
GOLD
Gold has been on a downward trend for the past two weeks. On November 18, the price of gold stood at $1,870. By November 23 it had tumbled to $1,780. It channeled between that and $1,800, apart from spikes to $1,810 on November 26 and 30, until dropping below $1,780 coming into December. It is currently trading below $1,770.
Gold’s losses were capped by worries about the Omicron coronavirus variant, which has forced countries around the globe to plan stricter restrictions. The upside for bullion could be capped by the prospect of a faster taper and which could also dent gold’s appeal by boosting the U.S. dollar and Treasury yields, according to chief market analyst at CMC Markets UK Michael Hewson. “A decent set of jobs numbers also has the potential to push gold lower, towards $1,740, but overall bullion remains in a range, capped around $1,810 and support at $1,740,” Hewson added.
FB
Despite a bump in November from the name change, Meta Platforms is back to trading where it was just before. On October 27, FB was trading around $312. By November 1, it had risen to $332, then up just past $345 on November 5. From there, it fell to $326 by November 10, before spiking up to $350 by November 15. Despite a fall to $336 by November 18, FB pushed back above $350 on November 19 and 22. However, from there, FB has taken a tumble, testing support twice at $332 before falling through back to $312 where it is currently trading.
On October 28, Facebook CEO Mark Zuckerberg announced that the company would formally be changing its name to Meta Platforms, which provided an unexpected boon to the unrelated META tokan. This likely triggered the boost FB saw throughout November. Recently, Meta ended its ban on cryptocurrency ads with the expansion of the regulatory licenses it accepts, citing market maturity.
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