FTX bankruptcy leaves Bitcoin vulnerable for the weekend
With CPI dropping by 0.5% to 7.7% Bitcoin made a move from $15,600 to $18,200 but was unable to break out. The market leader settled at $17,000 before news about the troubled FTX group filing for bankruptcy.
BTC lost $600 within the first 15 minutes of the announcement, posting a 5.5% drop in the past 24 hours. However, the storm quickly faded as BTC bounced back to $16,900. While we can see some absorption by buyers for now but more volatility is likely over the weekend.
Meanwhile, SPX has broken above the key resistance level of 3,950 and could tap into 4,050 today as DXY continues to weaken and goes for a retest of 105.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Currently trading below $17,000, Bitcoin is showing signs of weakness. We saw volume declining in the last move up and the rejection from $18,200 followed by another rejection from $17,500 shows that the bearish structure is still intact.
Unless Bitcoin flips $17,500 and makes a higher high above $18,200 we can expect lower prices over the weekend with a retest of our $15,600 low.
Ethereum Technical Analysis
Ethereum chart looks identical to Bitcoin as volume declined with the price moving up. Ethereum needs to stay above $1,220 over the weekend in order to make a higher low and simultaneously break through $1,330, as mentioned yesterday, to have any chance of breaking this downtrend.
A successful retest of $1,100 is also on the table and should not be discounted.
NFT Market Map
The NFT market was rather quiet compared to its yesterday’s performance as more red blocks popped up on our NFT heatmap.
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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.