Bitcoin appears ready for volatility as price action tightens around $16,500

Bitcoin currently sits in a tight range between \(16,500 and \)17,000 as the market continues to deal with new developments regarding the crash of SBF’s empire.

Apart from the fall of Genesis, New Huo Technology, a digital asset services provider owned by Leon Li, who previously founded the Huobi Group, reportedly had around $13 million worth of client assets stuck on FTX.

However, it appears that a lot of the negativity around the FTX collapse is priced into the crypto markets and we are unlikely to see a major crash in the absence of a materially shocking revelation.

Meanwhile, the S&P 500 is trying to make another move for 4,000 and DXY is starting to lose momentum at 106.9 again.

Moving forward, given Bitcoin’s recent price action, market participants can expect volatility in the coming days.

Top altcoin gainers and losers

Gainers

• Chiliz CHZ (+15.72%)
• Algorand ALGO (+11.69%)
• GensoKishi Metaverse MV (+11.44%)

Losers

• Helium HNT (-2.37%)
• Hedera Hashgraph HBAR (-1.41%)
• Fei USD FEI (-0.80%)

Bitcoin Technical Analysis

Bitcoin continued to move sideways throughout this week, forming a tight range that implies volatility in the coming days.

We are still maintaining our lower-high structure, but we can see an apparent failure to make higher highs. Unless we close today above \(16,800, this weekend and the coming week could be bloody, taking us to our downside target of \)14,470 before the end of the month.

Ethereum Technical Analysis

Ethereum has a chart similar to Bitcoin, making a tight range between \(1,290 and \)1,190. We can see a possible momentum squeeze in the coming days. Currently, Ethereum is getting rejected from the 20MA on H4 as well as showing buyer exhaustion on the Stoch RSI. This could result in a visit to $1,170 later today.

NFT Market Map

It looks like the NFT space witnessed a quiet day, with the trading volumes of the top 50 collections seeing minor changes.

CrazyRichYellows (+1,298%), Sappy Seals (+226%), and Genuine Undead (+217%) are the only three collections that marked an over 200% surge in 24h volume.

The spike of CrazyRichYellows was powered by a tweet about how holders had the chance to receive Yellowpox infected IP NFTs, with more rewards (and a possible airdrop) coming.

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.