Bitcoin November 7, 2022 – The Bounce, The Bad and The Ugly

Test and rebound? The price of Bitcoin (BTC) lost $21,000, but the markets could be in a phase of preparation for further increases, especially in view of the publication of this macroeconomic indicator.

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Bitcoin Price Beneath FTT Shakes

Bitcoin price closed the previous week just below $21,000, around $20,930. It dropped as low as $20,630 on Bitfinex today, November 7, 2022. The cryptocurrency is trading to $20,875 at the time of writing this article. It is currently posting a daily mini-loss of 0.27%.

Bitcoin narrowly missed its weekly close at $21,000 as the week kicks off with “ lots of FUD around FTX “, like the underline the founder of the Eight trading company, Michaël van de Poppe.

The jolts that the FTX Token (FTT) suffered, following statements by Binance CEO Changpeng Zhao, could have had a significant negative impact on the crypto markets in general.

In the context of this daily Bitcoin price report, it is up to you to decide which of Binance or FTX will take on the role of the bully… or the ugly.

Towards the formation of a new medium?

The price of Bitcoin therefore fell back to around its 100 day moving averagewhich currently sits at $21,647.

The bulls have responded at this level, and the rebound has allowed the cryptocurrency to hold above $20,844a level that served as resistance for the past few days, until Bitcoin broke through $21,000 on November 4.

Today’s fall could be seen as a test of this zone of $21,647 – $20,844as support for possible bullish continuations.

The FED to drive further increases in the price of Bitcoin?

Markets will have their eyes on theconsumer price index of October in the United States, which will be published this week.

Economists Bloomberg polled estimate year-over-year inflation through last month will be 7.9%, down 0.3% from September.

If these forecasts are confirmed, they could profit from risky assets such as Bitcoin, because they would then increase the chances that the US Federal Reserve would actually reduce the magnitude of its next interest rate hikes.

The bulls have won a battle in retaking the $21,000, but are they already on the verge of losing the bullish recovery war? Hopes of an upcoming Fed Funds rate cut, if confirmed, could be the next lever for further conquests above $21,000 in the coming days.

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