Bitcoin fails to breach $17K as market woes persist
Bitcoin has been bleeding for 12 hours along with today’s core retail sales, which came out quite high at 1.3% in comparison to the forecasted 0.4%. This is an important consumer spending indicator and today's release shows that the economy is still relatively strong and the chances of a pivot took a hit.
Notably, geopolitical tensions have also been taking a toll on markets, coupled with FTX contagion concerns as Genesis, a crypto lending business, spoke about the firm’s exposure to FTX as it paused withdrawals.
Meanwhile, the S&P 500 is still hovering around 4,000 and DXY is holding onto 106 for support. Moving forward, market participants can expect some volatility in the coming days.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin has lost over 2.5% for the day and currently sits at around $16,500. On lower time frames, we can see a lot of exhaustion and distribution as the market leader failed to make a higher high and continued the downward movement.
Today’s pivot area is $16,400 and bulls need to protect it to prevent a breakdown to $15,900.
Ethereum Technical Analysis
Ethereum, on the other hand, has taken more of a beating and currently sits at $1,210. The closest LTF support to be tested right now is $1,193. For the mid-term outlook, Ethereum needs to show some strength at $1,140, otherwise, history will repeat itself and we’ll see $1,050 or even lower, as was the case in June.
NFT Market Map
The NFT space seemed quiet for big collections by market cap, but the smaller ones are seeing growth in their trading volume, though not much.
Coin360 Daily Digest
Here's a rundown of the major crypto market news from today.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.