Bitcoin bounces from $15,500 as CPI release proves bullish
Nov 10 2022
Despite the major setbacks to the space in the last 72 hours, today’s CPI release coming in at 7.7% YoY — a 9-month low — gave market participants much-needed hope.
BTC surged \(1,000 within 30 minutes after the news and is currently trading around \)17,800. Altcoins, including ETH, also benefited from the improved sentiment, with ETH regaining the $1,300 level.
Moving forward, market participants will be hoping that fallout from the collapse of FTX and Alameda is not enough to dampen potential bullish macro developments as a tumultuous year draws to an end.
Top altcoin gainers and losers
Gainers
- Maker MKR (+25.86%)
- Terra Classic LUNC (+14.37%)
- Polygon MATIC (+13.89%)
Losers
- FTX Token FTT (-21.23%)
- Toncoin TON (-13.02%)
- Solana SOL (-8.89%)
BTC Technical Analysis
Bitcoin broke through June lows earlier and went down as far as \(15,700 before finding support. Currently, it is up 13%, mainly because of Core CPI coming lower than expected. This move has also reset a lot of indicators signaling oversold previously; however, the weekly time frame still needs more correction hence lower prices are likely, especially if Bitcoin is unable to close above \)17,700 on the daily.
ETH Technical Analysis
Ethereum fell a little short of our target of \(1,050 but we were able to see \)1,079 before a 23% move up to \(1,320. Currently trading at \)1,300+ Ethereum either needs to have a daily close above \(1,240 at least. In case of failure to do so, this move up will be considered a bull trap, and sub \)1,000 will be likely.
NFT Market Map
Nearly half of the top NFT collections recorded a slump in their volume today.
Async Blueprints (+11,054%), Steady Stack Titans (+3,370%), and merge. (+3,008%) topped the list of best performers by volume.
Steady Stack announced that its NFT holders would gain full access to AlphaSharksNFT v2 with NFT analytics and trading tools.
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.
