Bitcoin Worth Outlook for November — FTX Disaster Fuels Bearish Momentum – Market Updates Bitcoin Information

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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 under $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 stage of bearish sentiment.

Merchants have moved to liquidate their positions within the market, looking for various 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.

Nevertheless, better-than-expected inflation knowledge in america has given hope to BTC bulls, with the patron worth index (CPI) numbers for October coming in at 7.7%, higher than the 8% anticipated.

The upcoming response to this could possibly be a constructive 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 penning 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 (pink) shifting common sustaining its latest downward crossover, versus its 25-day (blue) counterpart.

Bitcoin Price Outlook for November — FTX Crisis Fuels Bearish Momentum
BTC/USD – Each day Chart

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 motive why that is potential, with worth energy nonetheless not reaching its long-term flooring of 20.50.

At present, the index is monitoring at 37.94, and may this start to say no additional, bears will probably use the aforementioned flooring as a goal.

Might bitcoin fall under $14,000 over the following few weeks? Tell us your ideas within the feedback.

Eliman Dambell

Eliman brings an eclectic perspective to market evaluation, he was beforehand a brokerage director and retail buying and selling educator. At present, he acts as a commentator throughout numerous asset courses, together with Crypto, Shares and FX.

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