BTC outlook for the remainder of November.
It’s fair to say that the first ten days of November have been nothing short of historic in cryptocurrency markets. The turmoil surrounding FTX, and its all-but-confirmed collapse, seems to have eclipsed both Luna and Celsius, who also capitulated earlier this year. The impact of this has been felt by bitcoin, which recently fell below $16,000 for the first time in two years.
Traders have moved to liquidate their positions in the marketplace, seeking alternative investments, with gold being one of these safe havens. While gold has surged to a one-month high, crypto market volume has slipped $173.16 billion in the last 24 hours.bulls, with the consumer price index numbers for October coming in at 7.7%, better than the 8% anticipated.
The upcoming reaction to this could be a positive not only for bitcoin, but for crypto markets as a whole, which look for some signs of reversal, following a historic week of selloffs./USD is currently trading at $16,932.90, as prices have rebounded from earlier lows of $15,682.69. Looking at the chart, momentum seems to still be bearish, with the 10-day moving average maintaining its recent downward crossover, versus its 25-day counterpart.
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