Crypto Weekly Overview: Bitcoin Surpasses $100K, Ethereum Reaches $4K Again, Toncoin Experiences a Quiet Week

Bitcoin News & Macro

Unsurprisingly, Bitcoin was the star of the show this week, breaking through the much-anticipated $100,000 threshold. This spike was largely driven by significant institutional investment. The impressive performance of Bitcoin ETFs, particularly the BlackRock's iShares Bitcoin Trust, has elevated investor confidence to unprecedented levels. BlackRock now manages over 500,000 BTC, worth approximately $48 billion — a clear sign of trust from institutional investors in Bitcoin.

Source: Thomas Fahrer

Yet, the ascent wasn't without its hiccups. A sudden flash crash sent Bitcoin tumbling as low as $93,000, erasing $303 million in long positions within minutes. However, Bitcoin rebounded quickly, stabilizing around the $100,000 mark. Analysts view this recent consolidation phase as a breather before a potential surge, with optimistic projections of $115,000 as liquidity continues to pour into the market.

The price of Bitcoin was noted at $96,410 at the time of this publication. Source: TradingView

MicroStrategy made headlines by doubling down on its Bitcoin investment, buying up $1.5 billion in Bitcoin within just one week.

MicroStrategy remains the preeminent corporate holder of Bitcoin. Source: BitcoinTreasuries

This bold step emphasizes the growing trend among corporations to leverage Bitcoin as a hedge against inflation and currency volatility. Such significant acquisitions fuel market enthusiasm, attracting both fresh institutional and retail investors.

Recently, South Korea was in the spotlight due to brief martial law, which led to a sudden drop in the BTC/KRW trading pair. This indicates Bitcoin's susceptibility to geopolitical events.

BTC/KRW trading activity observed on the South Korean exchange Upbit. Source: Upbit

Meanwhile, El Salvador’s Bitcoin reserves saw a hefty boost, with unrealized profits surpassing $300 million. This outcome strongly supports its Bitcoin-centric monetary policy. Speculations are surfacing about other nations contemplating similar strategies.

Source: Nayib Bukele

Overall, Bitcoin is solidifying its dominance in the crypto market, now holding a commanding 57% market share. As a result, many altcoins are finding themselves sidelined, while futures markets buzz with bullish sentiments.

BTC Price Analysis 

From a technical perspective, Bitcoin flirted with the $100K milestone throughout the week, drawing traders' attention.

BTC/USD 1-Day Chart, Coinbase. Source: TradingView

Initially, Bitcoin's breakout above $100K seemed promising with an ascent to $102K, but the buy momentum quickly dwindled. Sellers dominated, pushing the price back to $97K, where buyers stepped in. This pullback felt like a market test to see if the bulls could maintain their stance.

BTC/USD 4-Hour Chart, Coinbase. Source: TradingView

Upon closer examination of the 4-hour chart, Bitcoin has been navigating a tight range, bouncing between support at $97K and resistance at $100K. The recent failed attempt to break above $100K led to a classic bear flag pattern, signaling a possible downturn if momentum doesn’t recover. Nonetheless, buyers have been able to defend the 50-EMA in lower timeframes, suggesting there’s still some momentum left. A successful breakout above $100K could initiate a rally toward $105K, while slipping below $97K could see a drop to $95K or even lower. For now, this level is more than just a range; it’s a battleground.

Ethereum News & Macro

Ethereum also made waves this week, reclaiming the $4,000 mark for the first time since March. Institutional investors have been flocking to the asset, with Ether ETFs witnessing an astonishing $1.3 billion in inflows in just two weeks.

Source: Anthony Sassano

BlackRock's decision to boost its Ethereum ETF holdings by $500 million sends a clear message: Ethereum is not merely benefitting from Bitcoin's rise — it's forging its own path forward as Bitcoin crosses the $100K threshold.

BlackRock ETH ETF holdings. Source: Arkham Intelligence

The rise past the $4,000 resistance isn’t just a psychological victory; it sets a foundation for Ethereum to venture into new territory.

Ethereum’s comparative strength against Bitcoin is attracting attention, with the ETH/BTC pair showing revitalized activity after months of stagnation. Analysts believe a robust rebound is on the horizon, supported by Ethereum's strong fundamentals, including the increasing reliability of the Beacon Chain and ongoing improvements in layer-2 scaling.

The ETH/BTC ratio has risen by 9.14% over the last month. Source: TradingView

On another note, Ethereum continues to dominate the DeFi and NFT sectors. Weekly NFT transactions reached an impressive $187 million, underscoring the platform's unmatched versatility.

Top NFT collections ranked by seven-day sales volumes. Source: CryptoSlam

With trading activity reaching new records and Ethereum's ecosystem expanding rapidly, it’s evident that Ether is far from finished in making significant moves.

ETH Price Analysis 

As for Ethereum’s journey around the $4,000 mark, it has essentially characterized the past week. The daily chart showed a rally propelling prices over this crucial psychological barrier, breaking free from weeks of stagnation.

ETH/USD 1-Day Chart, Coinbase. Source: TradingView

However, the inability to maintain closes above $4,000 indicated a potential shift — rejection candles and increasing selling pressure hinted at waning bullish strength. The 20-EMA provided support during the upward movement, but it’s now facing pressure. While the overarching uptrend remains intact above the 50-EMA, the inability to firmly close above $4,000 has shifted it to a resistance level, raising concerns about immediate strength.

ETH/USD 4-Hour Chart, Coinbase. Source: TradingView

In the 4-hour chart, a false breakout at $4,100 led to a swift selloff, with the 50-EMA acting as a temporary support. A descending triangle pattern near $4,000 broke down, intensifying the downward movement. The RSI confirmed this change by sliding toward oversold conditions and reinforcing bearish momentum. Key support levels around $3,840, linked to prior daily lows, have stabilized the price for now, suggesting some accumulation. If bulls can re-establish control above $4,000 decisively, it might set up another test of $4,100. Currently, the market appears engaged in a tug-of-war, reevaluating its confidence at this crucial level.

Toncoin News & Macro

For Toncoin, it's been a rather uneventful week, with few significant developments. On December 3, Pantera Capital announced a remarkable investment into the TON ecosystem, along with an additional $20 million for further blockchain projects.

Source: Panteracapital.com

While this represents serious institutional interest, the market barely reacted, which likely reflects a general cooling in crypto enthusiasm.

In another update, a few days later, P2P.org revealed its foray into TON staking, allowing users to stake as little as one TON without any cap on pool limits.

TON tokens locked in liquid staking protocols. Source: Tonstat

This initiative enhances staking accessibility, contributing to TON’s functionality. Yet, market enthusiasm remained rather tepid, indicating even developments focused on user adoption couldn't spark much movement this week.

In a separate note, Telegram’s founder Pavel Durov provided testimony in a French court following his recent detention. Although this case isn’t directly linked to TON, his association with the blockchain keeps these legal proceedings in the spotlight for those tracking TON. His comments — expressing trust in the French legal framework while refraining from discussing the allegations — didn’t significantly influence the coin.

Pavel Durov and his lawyer David-Olivier Kaminski arriving at the Paris judicial court on December 6, 2024. © Thomas SAMSON / AFP

So, yes, it has been a relatively quiet period for Toncoin. But perhaps it’s the calm before a storm?

On the 1D chart, Toncoin (TON) kicked off the week with a sharp ascent, breaking through the $6.60 resistance and pushing toward $7, driven by strong bullish momentum. The 20-day EMA supported this rally, staying comfortably above the 50-day EMA — a classic indicator of sustained upward movement.

TON Price Analysis 

Yet, as the price neared the $7 psychological threshold, momentum slowed. A pronounced rejection prompted a significant sell-off, breaching support at $6.70 and wrapping up the week around $6.50 — a negative indicator moving into the next week. The $6.30 level, a prior pivot point from late November, is now a vital support level, while $6.80 has become immediate resistance.

TON/USD 1D Chart. Source: TradingView

The 4H chart indicates that the rally has stalled under a rising wedge formation — a bearish setup that fulfilled its potential for a breakdown. The rejection at $6.80 triggered a sharper decline, with the 50-EMA on this timeframe switching from support to resistance. The RSI confirmed this transition, sliding from overbought into oversold territory as selling intensifies. Key weekly levels of $6.50 and $6.30 are now critical. If support at $6.30 fails, the next target could be $6.00, viewed as a major demand zone. Bulls will need to reclaim $6.80 to regain momentum; however, the current sentiment is decidedly bearish.

TON/USD 4H Chart. Source: TradingView

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