Wednesday, May 22, 2024

Market Watch Nov 11: Bitcoin Picks Up Slightly After Touching $16,000.

Bitcoin has managed to climb to $17,000 level after dipping to a more-than-two-year low below $15,700 yesterday. The popular cryptocurrency has gained 6.32% in the last 24 hours and is trading at $17,189.

Ethereum, the second-most popular cryptocurrency, is up by 9.58% and changing hands at $1,251. The major altcoins have also seen gains. Polygon is up by 27.21%, Solana 21.23%, Dogecoin 14%, XRP 11.72%, and Cardano by 8.74%.

BTC price is bullish and there has been a strong reaction at the $16,000 support plus, a swift swing to the upside. It’s like to touch $18,000 in the next couple of hours. Moreover, Bitcoin saw strong selling pressure over the past few days. Last weekend, it nearly touched $22,000 but then quickly made its way back to the $20,000 level. Bitcoin’s decline on November 9 was its 10th-largest decrease since 2015, but the second-largest decline for 2022.

Material Indicators, an analysis firm, says Bitcoin’s nearest resistance hurdle is at $18,500. It said the bear market rally is still alive. IncomeSharks, a trading account, argues that $20,000 may return as part of the risk asset rebound. It outlined that Bitcoin has an easy path back to $20,000 as stocks push up and positive CPI numbers.

An official statement said all items less food and energy index rose 6.3% over the last 12 months. It highlighted that the energy index increased 17.6% for the 12 months ending October. The food index rose 10.9% over the last year, but the increases were smaller than for the period ending September.

John Wick, a popular analyst, advised caution. He said the dollar is falling out of the up-channel because of the CPI numbers. However, Wick says it doesn’t mean a sustained downtrend always happens. He believes another channel may form at a slower rate of assent, or jump back to the original channel.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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