The 20-day exponential moving average (EMA) ($58,712) is providing resistance to Bitcoin’s relief surge. This implies that sentiment is still negative, and bears are aiming to sell on rallies to the overhead resistance level. Although the 20-day EMA is still sloping downward, the RSI has moved above 46, indicating that the negative trend may be waning.

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To signify that the corrective phase is ended, the bulls must push the price above the 50-day simple moving average (SMA) ($60,805). The rally might then test the overhead resistance zone between $67,000 and $69,000. If the market falls drastically from the 20-day EMA, the bears will attempt to break through the solid support at the 100-day SMA ($54,184). If this occurs, the BTC/USDT pair may fall to the psychologically important level of $50,000.

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The Bitcoin fear and greed index on Tuesday, November 30, 2021, went from the fear level of 33 to the level of 40 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading around $56,740.82, down 1.49%. In the last 24 hours, the highest it touched was $58,872.88 and the lowest was $56,526.90. Bitcoin has a current market cap of $1,069,603,959,936. It has a circulating supply of 18,886,912.000 BTC coins and a maximum supply of 21,000,000 coins.

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MicroStrategy Buys Additional 7,002 Bitcoin (BTC) Worth $414 Million

MicroStrategy, the business intelligence firm that became the pioneer of Institutional Bitcoin (BTC) adoption has added another batch of  7,002 BTC to their treasury. Michael Saylor, the CEO of the firm revealed that they invested over $414 million and bought the latest batch of BTC at an average price of $59,187. The latest purchase takes the total Bitcoin holdings of Microstrategy to 121,044 BTC, bought at an investment of $3.57 billion. MicroStrategy’s BTC investment has already given a 100% return within two years of its investment.

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No proposal to recognise Bitcoin as a currency in India: Finance Minister

The Indian Finance Minister, Nirmala Sitharaman said in a reply to the Lok Sabha on Monday that the government is most definitely not seeking to deem Bitcoin as a currency in the country. However, she did not mention anything about banning crypto and the suspension of trading activities. This further reaffirmed the information from inside sources that the government is only considering regulating crypto as an asset while prohibiting its use as a form of payment.

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New York fed launches Fintech Research Wing with BIS help

The Federal Reserve Bank of New York launched the New York Innovation Center (NYIC) to build and test new financial technology, including central bank digital currencies (CBDC), stablecoins, and cross-border payments, the central bank division announced Monday.

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The NYIC is the result of a strategic partnership between the New York Fed and the Bank for International Settlements’ (BIS) Innovation Center. Jerome Powell, chair of the U.S. Federal Reserve, said the innovation center will foster collaboration and the sharing of expertise among central banks, during a virtual event marking the launch of the NYIC.

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