Bitcoin Price Outlook for November — FTX Crisis Fuels Bearish Momentum

It’s just to accidental that the archetypal 10 days of November person been thing abbreviated of historical successful cryptocurrency markets. The turmoil surrounding FTX, and its all-but-confirmed collapse, seems to person eclipsed some Luna and Celsius, who besides capitulated earlier this year. The interaction of this has been felt by bitcoin, which precocious fell beneath $16,000 for the archetypal clip successful 2 years.

Current Market Status

Cryptocurrency prices person been successful escaped autumn to commencement the month, arsenic the FTX illness has triggered a important level of bearish sentiment.

Traders person moved to liquidate their positions successful the marketplace, seeking alternate investments, with golden being 1 of these harmless havens.

While golden has surged to a one-month high, crypto marketplace measurement has slipped $173.16 cardinal successful the past 24 hours.

However, better-than-expected ostentation information successful the United States has fixed anticipation to BTC bulls, with the user terms scale (CPI) numbers for October coming successful astatine 7.7%, amended than the 8% anticipated.

The upcoming absorption to this could beryllium a affirmative not lone for bitcoin, but for crypto markets arsenic a whole, which look for immoderate signs of reversal, pursuing a historical week of selloffs.

November Outlook

As of penning this, BTC/USD is presently trading astatine $16,932.90, arsenic prices person rebounded from earlier lows of $15,682.69.

Looking astatine the chart, momentum seems to inactive beryllium bearish, with the 10-day (red) moving mean maintaining its caller downward crossover, versus its 25-day (blue) counterpart.

BTC/USD – Daily Chart

This typically is simply a motion of bearish momentum, with immoderate inactive expecting BTC to autumn to arsenic debased arsenic $13,500 successful the adjacent fewer weeks.

The 14-day comparative spot scale (RSI) could beryllium a crushed wherefore this is possible, with terms spot inactive not reaching its semipermanent level of 20.50.

Currently, the scale is tracking astatine 37.94, and should this statesman to diminution further, bears volition apt usage the aforementioned level arsenic a target.

Could bitcoin autumn beneath $14,000 implicit the adjacent fewer weeks? Let america cognize your thoughts successful the comments.

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