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News/Bitcoin price slides with the new week as CPI release approaches

Bitcoin price slides with the new week as CPI release approaches

Nov 7 2022

last year6 mins read

While we saw a ~6% gain for BTC over the weekend, the market leader started sliding with the new week. The latest price action saw Bitcoin price losing the \(21,000 level and trading as low as \)20,600 today.

Similarly, ETH, the second-largest cryptocurrency by market cap, also lost the \(1,600 level and is currently trading around \)1,580. Meanwhile, the S&P 500 trades at 3,792 whereas DXY, unable to breakthrough 113, is down 2.5%.

The next big thing for market participants will be the CPI release on Nov. 10, possibly resulting in volatility across markets.

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Top altcoin gainers and losers



Bitcoin Technical Analysis

Bitcoin’s previous move to \(21,000 wasn’t able to fill the fair value gap present around \)21,500 but our weekend pump to \(21,500 has filled the buyer-seller imbalance. Currently, Bitcoin is at \)20,700 with a lot of momentum indicators signaling weakness and trend-shift. We could see a retest of \(20,900 in the coming hours followed by a rejection taking us down to the pivotal level of \)20,500.


Ethereum Technical Analysis

Ethereum bounced off \(1,546 to an attempt at \)1,600, and is currently trading at \(1,580. A lower low could be seen in the next few hours with the price bleeding down to \)1,525, leading to a relief bounce. For the week \(1,450-\)1,400 is the range bulls will need to step in at for any chance of continuing this rally, otherwise, we’ll most likely end up in our 1-month-old range between \(1,350-\)1,250.


NFT Market Map

Only 25% of the top NFT collections by trading volume saw a pullback today. Quite a lot of collections saw an uptick with more than a 1,000% rise in trading volume.

The gmDAO ecosystem witnessed a massive surge in volume and price, especially for the gmDAO Token v2 (+2,473%) and Mind the Gap by MountVitruvius (+21,789%).

RCS (+7,392%) rose amid the buyback and royalties removal announcement.

Digital Tycoons Club (Tykes) (+1,324%) went up, as their ongoing giveaway with a $10,000 prize pool may have helped power the surge in trading volume.

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Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.


For more daily updates and news, follow us on Twitter.

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.

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