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

Gainers

• Toncoin TON (+17.07%)
• Chain XCN (+13.04%)
• Unus Sed Leo LEO (+5.33%)

Losers

• FTX Token FTT (-21.83%)
• Huobi Token HT (-13.95%)
• Nexo NEXO (-11.18%)

Bitcoin Technical Analysis

Currently trading below \(17,000, [Bitcoin](https://coin360.com/coin/bitcoin-btc) is showing signs of weakness. We saw volume declining in the last move up and the rejection from \)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.

Gods Unchained (+2,087%) and CyberBrokers (+1,080%) are the only collections to record a more than 1,000% surge in volume.

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.