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Bitcoin and other crypto Hard to Rebound, FTX Bankrupt Sentiment Still Strong

Navigasi - The crypto market is still sinking looking for momentum to rise after the FTX hack and bankruptcy case at the end of last week.

Bitcoin and other crypto Hard to Rebound, FTX Bankrupt Sentiment Still Strong
Bitcoin and other crypto Hard to Rebound, FTX Bankrupt Sentiment Still Strong


Quoting Coinmarketcap.com, as of 16.06 WIB, Tuesday (11/15/2022), the price of Bitcoin (BTC) has weakened 15.61 percent over the past week and 0.22 percent in the last 24 hours. In addition, Ethereum (ETH) has also weakened 15.6 percent in the week and bounced 0.4 percent in the last 24 hours.

Other altcoins, such as BNB, Dogecoin (DOGE), Solana (SOL) weakened by 17.19 percent, 14.83 percent and 48.52 percent respectively in the past week.

Pintu's Chief Marketing Officer Timothius Martin explained market sentiment over the past week, including data on the Consumer Price Index (CPI) in the United States (US) in October 2022.

In addition, there have been several crypto market influences which have been under great pressure in recent weeks due to FTX having a significant impact on crypto prices.

"Looking at it from a macroeconomic analysis perspective, the data shows that the stock market has managed to strengthen, while the US dollar index has experienced a correction after the release of the Consumer Price Index [CPI] data by the US Department of Labor," he explained in a statement, Tuesday (11/15/2022) ).

CPI data for October was recorded at 7.7 percent, much lower than the consensus and the previous months, which were 7.9 percent and 8.2 percent respectively in September 2022.

Investors still have to monitor and wait for other positive data to be able to confirm whether the inflation rate has really started to decline and what impact it has on Bitcoin price movements.

The November 7-13 period has been a tough week for the crypto market. Mainly this came from the FTX case which was unable to service the withdrawal of its customers' funds.

The case provided a domino effect for the movement of other crypto assets as a whole, crypto market capitalization fell by up to 18 percent. As for Bitcoin and ETH, they have lost more than 20 percent and altcoins are facing even bigger declines in value.

Historically, this is the first week that BTC has been technically below its 300-week SMA. In the previous bull run, BTC briefly dipped and was below the 200-week SMA for two weeks, before finally turning around and looking for support. The next support point is at 14,000. Then, the resistance levels are at 20,600 and 24,000.

"The extraordinary pressure on the crypto market a week ago must have had a big impact on crypto investors. We hope investors can remain calm in facing various current market situations and always prioritize research to minimize the risks they will face," he said.
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