Bitcoin closes another month with downward trajectory in price action
Hello dear readers, let this occasion serve to socialize information about the behavior of the Bitcoin price action at the close of November, this if we take into account that Bitcoin opened the month above $20,500 and closed near the level of $16,800.
As we have been highlighting, Bitcoin's downward trajectory, which has been going on for more than a year, was accentuated this November due to the FTX debacle. An event that took the price to annual lows close to $15,500..
The BTC price decline in November represented one of the largest monthly losses of 2022, with the exception of January, which saw an estimated loss of over 37%.
The truth is that the FTX debacle stained November red, if we take into consideration that the Bitcoin price remained above $20,000 from the beginning of the month until November 8, when the FTX liquidity crisis began to be reflected in the entire cryptocurrency market.
Subsequently, the price entered a phase of laterization and has remained in a range between US$15,500 and US$17,000, then in the third week of November there was a drop that took the price to its annual minimum value of US$15,488, although the price managed to recover in the following days.
For bullish traders, a price rally may develop and generate some bullish expectations, which could trigger a positive return for the month of December.
SOURCES CONSULTED
Coindesk. Crypto's Ugly November Draws to Close With ‘Sam Coins’ in Gutter, Bitcoin Down 18%. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Cnbc.
The FTX issue still plays out as a contagion and this is something which may have a few more casualties who can tell how many more ?
Till that happens the price action can remain downwards or side ways at best the fed rate cut may give a direction this month
The problem is the infamous FTX saga is not over, and shady stuff is cropping up around it every single day. Let's just hope it won't affect the markets even further...
Thanks for sharing. Have a good day @lupafilotaxia
Crypto enthusiast have been hoping for an absolute reversal. And that things will start going bullish again. I guess that will take some time to happen. Nice publication.
I think market should recover from here otherwise it willbe really very difficult to recover the market soon and we will not see trend reversal in near future. It will take time. Halving is coming so i have lots of hopes
Dear @lupafilotaxia
I think it is fair to say that in current market conditions all eyes are on FED and their decision related to interest rates. And as long as they will be increasing it - we should expect that more selling pressure will follow.
Not to mention, that many experienced investors will hold on with their investments until FED will pivot. Knowing, that with high probability prices of all crypto will go much lower than they are today.
In my opinion, we may see some short bull-rally within upcoming days (inflation reading soon will probably bring wave of optimism). But if such a rally will take place, then it won't be very sustainable.
Wouldn't you agree?
Good thing is that FTX collapse only crashed crypto market a little bit. That was such a massive bad news and yet, markets didn't plummet to much. Which tells me, that there isn't many investors willing to sell at current price levels.
Wasn't crash caused by LUNA much worse?
Hope you're having great weekend :)
Cheers, Piotr