The month of November is looking bad for the unbeatable bitcoin. It has indeed lost 18% since the beginning of the month. Moreover, it is highly likely that this crypto will chain red candles for the next few days. Check out this analysis.
Bitcoin in bad shape in a choppy start to the month
Two weeks have passed for the month of November, and bitcoin is already losing 18%. The explosion of its price during the publication of the Fed on the NFP. Indeed, this week’s decline has entirely erased this rise. All this because of the economic situation of the United States. However, the catalyst event for this downfall turns out to be the deplorable situation of FTX. The bankruptcy of this crypto-exchange could contaminate the entire crypto market this month, including bitcoin.
During this second week of the month, the price of BTC broke the low of June 19. This is an important swing point around $17,600. The fall was notably held on Tuesday, boosted by the FTX affair. But following the CPI release, bitcoin is up 10%. Its price then closed the day at $18,130. However, it was the sellers who won yesterday’s battle, bringing the price down to $17,145. After touching the resistance of $17,600, the price of BTC thus goes down by 4%. At the time of writing, Bitcoin is far from its opening price for the month.
Can we consider an increase for next week?
Indeed, we could consider an increase for next week. Macroeconomic data versus inflation in the United States gave buyers a boost. Indeed, the annual inflation rate released on Thursday was slower than experts’ forecasts. This pushed bitcoin price back towards the June low, which turned into resistance. This rise could continue after yesterday’s correction.
However, the likelihood of this rally continuing remains minimal. Given that several key supports have been broken, bitcoin still remains in the hands of the bears for this month. Among these crucial supports crossed are the $19,000 and $17,600 levels. Additionally, there has been recent talk of a potential 43% decline on bitcoin, which appears to be happening now.
A bullish phase for the next week is not really an option. Given the price structure on a daily chart, it will be better to bet on the fall of bitcoin.
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