Global Market Highlight
November 2024 saw steady inflationary trends, as the Core Consumer Price Index (CPI), which excludes volatile food and energy prices, rose 0.3% month-over-month, consistent with October and market expectations. The overall CPI also increased by 0.3%, driven by higher costs in shelter, food, and energy, slightly outpacing October’s 0.2% rise. Year-over-year CPI climbed to 2.7%, marginally higher than October’s 2.6%, reflecting moderate inflation aligned with forecasts.
On the labor front, initial jobless claims for the week ending December 7 jumped by 17,000 to a seasonally adjusted 242,000, surpassing economist projections of 220,000. This rise signals potential labor market adjustments heading into the year’s end. Energy markets saw unexpected developments. U.S. crude oil inventories increased by 499,000 barrels for the week ending November 29, contrary to analysts' expectations of a 1.3 million-barrel draw.
Meanwhile, producer prices experienced upward pressure, with the Producer Price Index (PPI) rising by 0.4% in November, exceeding market expectations of 0.2% and October’s upwardly revised 0.3%. The surge was notably influenced by rising prices for goods, especially food items like chicken eggs. The bond market showed positive investor sentiment during the 30-year Bond Auction on December 12. The auction yielded 4.535%, lower than November's 4.608%, with strong demand reflected in a bid-to-cover ratio of 2.39.
These mixed indicators illustrate a resilient economy navigating inflationary pressures, labor market shifts, and strong investor demand.
BTC Technical Analysis
Bitcoin's price showed a bullish continuation as it formed an ascending triangle pattern, characterized by higher lows and consistent resistance around the $104,000–$105,000 level. This period of consolidation reflected indecision in the market, with smaller candles preceding a strong breakout. On December 16, Bitcoin successfully broke above the triangle resistance, reaching a high of $106,648 and closing above $105,000. This breakout signals renewed buying pressure and a continuation of the upward trend.
The previous resistance at $99,000–$100,000 now serves as immediate support, and maintaining this level could push Bitcoin toward its next targets around $108,000–$110,000. The breakout suggests growing bullish momentum, but traders should monitor for a potential retest of the breakout level and volume confirmation to ensure strength in the trend.
ETH Technical Analysis
Ethereum (ETH/USDT) displayed a bullish consolidation near its key resistance zone of $4,000–$4,088, with price action indicating indecision as buyers and sellers vied for control. ETH reached a high of $4,025 during this period but struggled to achieve a decisive breakout above the resistance level, as evidenced by multiple candle wicks into the area. The price consistently formed higher lows, suggesting buyers remain in control while sellers continue to take profits near resistance.
Immediate support was observed at $3,600, which acted as a strong floor, while a failure to hold this level could push ETH toward the next major support zone at $3,400–$3,500. Trading volume showed a slight decline during the week, aligning with the consolidation phase, indicating that a breakout or breakdown would require a significant volume surge. If ETH manages to close above $4,088 with strong momentum, the next potential target would be $4,200–$4,300. However, a rejection at resistance could trigger a pullback toward $3,600 or lower. Overall, the trend remains bullish, but confirmation through a breakout or clear direction is still awaited.
SOL Technical Analysis
Between December 9 and December 16, Solana (SOL/USDT) experienced a period of consolidation with a slight bearish bias, trading around the $220–$227 range. The price continued to respect the major support zone near $200–$208, marked by the shaded green area, as buyers defended this level against further declines. On the upside, resistance remained strong around the $251–$264 zone, preventing SOL from making a decisive upward move.
During this period, the price formed lower highs, indicating a potential loss of bullish momentum, while wicks below support showed that buyers were still stepping in to defend the price. If SOL fails to hold the $200–$208 support level, a deeper retracement toward $182–$185 could occur. Conversely, a successful bounce from this zone with increased volume could signal renewed bullish momentum, pushing SOL toward the $251–$264 resistance area. Overall, SOL is in a critical range, and a breakout or breakdown will dictate the next directional move.
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