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News/Bitcoin price slides with the new week as CPI release approaches
3 weeks ago6 mins read

Bitcoin price slides with the new week as CPI release approaches

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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

Gainers

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.

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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.

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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.

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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.