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It’s honest 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 yr. The influence of this has been felt by bitcoin, which just 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 big degree of bearish sentiment.
Merchants have moved to liquidate their positions within the market, looking for different investments, with gold being considered one of these secure havens.
Whereas gold has surged to a one-month excessive, crypto market quantity has slipped $173.16 billion within the final 24 hours.
Nonetheless, better-than-expected inflation information in the US has given hope to BTC bulls, with the buyer 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 at present buying and selling at $16,932.90, as costs have rebounded from earlier lows of $15,682.69.
Wanting on the chart, momentum appears to nonetheless be bearish, with the 10-day (crimson) shifting common sustaining its current downward crossover, versus its 25-day (blue) counterpart.
This usually is an indication of bearish momentum, with some nonetheless anticipating BTC to fall to as little as $13,500 within the subsequent few weeks.
The 14-day relative energy index (RSI) could possibly be a purpose why that is attainable, with value energy nonetheless not reaching its long-term ground of 20.50.
At the moment, the index is monitoring at 37.94, and may this start to say no additional, bears will doubtless use the aforementioned ground as a goal.
May bitcoin fall beneath $14,000 over the following few weeks? Tell us your ideas within the feedback.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
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