Before the CPI, funding rates reached a 6-month high. There are warning signs that market exuberance is out of control before the U.S. elections and important economic data. How will BTC price respond as Bitcoin battles some well-known FUD in the second week of November?
On November 6, the largest cryptocurrency managed a weekly close of under $21,000, a remarkable multi-week high. However, it is still stuck in a tight trading range. Despite recent highs of around $21,500, a trigger capable of upending the market’s status quo has yet to materialize. However, the upcoming week stands as good a chance as any of doing so.
How Will Inflation Data Impact the Market?
Important U.S. inflation statistics for October will be made public on November 10, and Federal Reserve officials’ speeches and unemployment claims may influence the volatility of risky assets. The unexpected conflict between the exchange FTX, Alameda Research, and Binance in the crypto world is a new development. The CEO of Binance, Changpeng Zhao, has revealed plans to sell out all of the FTX’s proprietary cryptocurrency, raising liquidity concerns.
Overnight, Bitcoin reacted by market opinion, but will the mess show anything more than standard crypto FUD in the future?
If we examine some key variables that could affect BTC price movement in the upcoming days. BTC/USD nevertheless managed to record its greatest weekly candle close since mid-September despite sliding into the weekly close. According to the data, Bitstamp’s weekly cap will be $20,900. With that, Bitcoin preserves its price range and prevents any discernible deviation from its August-to-present pattern of lurching between $19,000 and $22,800.
The FTX news regarding Binance looked to dramatically damper the atmosphere as prices moved closer to the top of the range, finally costing Bitcoin the $21,000 threshold. According to the CEO of Binance, Changpeng Zhao (commonly known as “CZ”), “Binance got around $2.1 billion equivalent in cash (BUSD and FTT) as part of Binance’s withdrawal from FTX stock last year.