It’s truthful to say that the primary ten days of November have been nothing in need of historic in cryptocurrency markets. The turmoil surrounding FTX, and its all-but-confirmed collapse, appears to have eclipsed each Luna and Celsius, who additionally capitulated earlier this 12 months. The affect of this has been felt by bitcoin, which lately fell beneath $16,000 for the primary time in two years.
Present Market Standing
Cryptocurrency costs have been in free fall to start out the month, because the FTX collapse has triggered a major degree of bearish sentiment.
Merchants have moved to liquidate their positions in {the marketplace}, searching for different investments, with gold being one in all these protected havens.
Whereas gold has surged to a one-month excessive, crypto market quantity has slipped $173.16 billion in the final 24 hours.
Nevertheless, better-than-expected inflation information in america has given hope to BTC bulls, with the patron value index (CPI) numbers for October coming in at 7.7%, higher than the 8% anticipated.
The upcoming response to this could possibly be a optimistic not just for bitcoin, however for crypto markets as a complete, which search for some indicators of reversal, following a historic week of selloffs.
November Outlook
As of scripting this, BTC/USD is presently buying and selling at $16,932.90, as costs have rebounded from earlier lows of $15,682.69.
Trying on the chart, momentum appears to nonetheless be bearish, with the 10-day (crimson) transferring common sustaining its latest downward crossover, versus its 25-day (blue) counterpart.
BTC/USD – Each day Chart
This sometimes is an indication of bearish momentum, with some nonetheless anticipating BTC to fall to as little as $13,500 in the following few weeks.
The 14-day relative energy index (RSI) could possibly be a purpose why that is potential, with value energy nonetheless not reaching its long-term ground of 20.50.
Presently, the index is monitoring at 37.94, and will this start to say no additional, bears will doubtless use the aforementioned ground as a goal.
Might bitcoin fall beneath $14,000 over the following few weeks? Tell us your ideas in the feedback.
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