Bitcoin is down 3.15% in the last 24 hours but has managed to remain at the crucial $16,000 level, holding onto $16,164. Ether, on the other hand, is down by 7.23% and is trading at $1,131.
Much of the crypto market is splashed in red. Solana is the biggest loser. It’s down by 12% in the last 24 hours, Dogecoin lost 10.82%, Ripple’s XRP lost 9%, Polygon 8.44%, Polkadot 6.41%, and Cardano is down by 7%. There have been significant losses as per data from Coin Market Cap.
Joe DiPasquale, CEO of BitBull Capital, cautioned investors to brace themselves for a rocky week. He said Bitcoin traded in a very tight rangitce last week, it was unable to reach the $17,000 mark. The expert expects volatility in the coming week. DiPasquale believes bulls will be looking for ongoing support above Bitcoin’s brief low at about $15,500 earlier this month as Sam Bankman-Fried’s FTX problems became apparent. He explained that once the range is evident, consolidation around that low could see the price shoot toward $18,000 in the near term.
Crypto analysts say Bitcoin’s bearish trend has strengthened. But this has implications for core aspects of the Bitcoin network, particularly miners, and some of its best-known metrics are also feeling the heat. S2F, which allows for significant price deviations, is seeing price forecasts come under pressure and scrutiny. According to S2F Multiple, a dedicated monitoring resource, BTC should trade over $72,000 on November 19 – a multiple of -1.47. The multiple reached -1.5 on November 10, which was a negative reading because of FTX’s impact.