Bitcoin
Bitcoin lost about 2.5% in the week from November 11 to November 17. Five of seven trading sessions ended in the red. BTC has not yet been able to reach and overcome the maximum value of $38,000 in recent months. At the auction on Tuesday, November 14, the first cryptocurrency by capitalization completely dropped to the $35,000 mark.
Source: tradingview.com
There were several reasons for the decline. First – The SEC is clearly slow to approve spot Bitcoin ETFs. November 15 regulator
postponed solution for converting a futures exchange-traded fund on BTC from Hashdex into a spot counterpart. As a justification for delaying the approval of applications, the Commission
called receipt of new applications to launch ETFs.
The second reason – an increased number of liquidations (forced closures of positions). On November 11 and November 13, their volume exceeded $120 million. This was largely due to the fact that as $38,000 approached, more and more sell orders were triggered.
Source: coinglass.com
Third reason – lack of liquidity in longs. On this
hints Material Indicators portal. From the published data it is clear that sell orders prevail for Bitcoin near $38,000, and there are buy orders only around $33,000. Here’s what
writes Material Indicators:
“FireCharts shows BTC price falling after another failed attempt to break $38,000. While I remain of the opinion that the market will enter a correction, we still cannot rule out the possibility of reaching the $38,000-$40,000 range. ETF approval could be the catalyst. however, the window for a decision closes on Friday (November 17). Just know that the situation has changed and protect your profits. You don’t want to give away everything you earned this week.”
Pessimistic
configured and a trader under the pseudonym Horse:
“The path of least resistance for BTC is down. If we go through the remaining orders that are awaiting execution. I think the recent surge has been mild due to the empty pocket created by the liquidations. Anyone waiting for a drawdown passively added long positions to the market. I’m staying in the shorts I mentioned last night.”
What’s interesting is that in Turkey, Bitcoin is doing well. In November, BTC reached a historical high on local trading platforms – just under 1.1 million Turkish lira. Reason: very high in Turkey inflation – over 60%.
From the point of view of technical analysis, Bitcoin is experiencing a sideways trend rather than a deep correction. It will be possible to talk about it only if the resistance level of $35,000 is broken. The RSI indicator began to decline, but it still remains above 50. Bitcoin volatility in November 2023 became the highest in eight months, as evidenced by the ATR indicator.
Source: tradingview.com
Index
fear and greed Lost seven points compared to last week. On the evening of Friday, November 17, its value was 63. Which still indicates the predominance of greed over fear.
Ethereum
Ether lost more than 5% in value from November 10 to November 17, 2023. The coin safely flew out of $2,100, and then from $2,000. The trading sessions on November 14 and 16 had a decisive influence on the weekly dynamics of this cryptocurrency, when Ether lost 3.62% and 4.74%, respectively.
Source: tradingview.com
Ether ETFs, like Bitcoin ETFs, have not yet received SEC approval. Grayscale Futures Exchange Traded Fund Window
was also postponed. But investment giant BlackRock has officially submitted an application for a spot ETF for ether. Naturally, for now
didn’t approveand there was no more reason for investors to rejoice.
Hardly encouraging for Ethereum supporters was a new statement from lawyer Steven Nerayoff, who accused Ethereum creators Vitalik Buterin and Joseph Lubin of fraud and sabotage.
From the point of view of technical analysis, the ether has entered a correction. Attempts to storm the yearly high and at the same time the resistance level of $2,140.8 have so far been unsuccessful. Time will tell how deep the correction will be. For now, the nearest resistance level is last week’s low $1,934.4. What can give bulls some positivity is the fact that the price of Ether is still above the 200-day moving average (indicated in blue).
Source: tradingview.com
Avalanche
From November 10 to November 17, 2023, the Avalanche cryptocurrency showed on average better dynamics than the market and increased in price by more than 48%. At the same time, at the maximum on Thursday, November 16, the AVAX token cost $27.78, which gave an increase of almost 88%.
Source: tradingview.com
Avalanche was able to achieve such impressive results by concluding a number of agreements with well-known banks. American City and parent company Ava Cloud have agreed to create an application based on blockchain technology for conducting Forex transactions. The bank will be responsible for tracking quotes online, and Avalanche will provide secure recording of transactions. About this on November 15th
reported officially.
Also the Avalanche team
announced on cooperation with the blockchain platform of JP Morgan Onyx bank and
investment Apollo Global. The partnership was made possible through the Monetary Authority of Singapore’s Project Guardian program. In addition, the LayerZero application will connect to Onyx through the Avalanche Evegreen subnet. This
will provide subscription and redemption of WisdomTree funds.
From a technical analysis point of view, AVAX looks quite strong. However, it should be noted: since October 19, the price has already increased more than three times, so a correction is increasingly likely. This, for example, is evidenced by the RSI indicator, which showed bearish divergence (orange arrows show an increase in price with a simultaneous decrease in RSI). Overall, AVAX has already lost more than 20% from its local maximum. At the same time, the price is above the 200-day moving average (indicated in blue), which is a plus for the bulls. Further growth is possible after breaking through the resistance level of $27.78. The support level is the $21.5 mark, which the cryptocurrency unsuccessfully stormed in January-April 2023.
Source: tradingview.com
Last week, Bitcoin and Ethereum fell in price. New ETF applications are no longer encouraging investors, and the SEC still lacks the resolve to approve even one spot exchange-traded fund. Avalanche cryptocurrency turned out to be better than the market, as it managed to reach partnership agreements with a number of well-known banks.
This material and the information contained herein do not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
