The crypto money market experienced serious decreases, especially Bitcoin, due to the FTX crisis. The declines that many investors could not resist resulted in selling pressure. However, on Thursday, November 10, the crypto markets experienced a recovery after the CPI data.
Bitcoin price recovered after CPI data
The lower-than-expected CPI, which came to 7.7 percent instead of the expected 7.9 percent, relieved the markets. It provided a boost in all markets, as many expected the Fed could now start to slow the interest rate. According to analysts, increases will begin once inflation becomes moderate. After the CPI announcement, financial markets remained closed to the race. Afterwards, cryptocurrencies continued to rise throughout the day.
At the close of the market, S&P, Dow and Nasdaq finished the day with increases of 5.36 percent, 3.53 percent and 7.25%, respectively.
Data obtained by TradingView reports that Bitcoin (BTC) bulls have managed to raise the CPI wave. Also, BTC price rose 14.82 percent from $15,856 to $18,215 on the day. BTC is currently trading at $17,286. However, the bulls and bears are struggling to control the support/resistance level.
Technical analyst announces price forecast
Despite the double-digit recovery, the bears continue to experience “short-term technical advantage to suggest more bearish price pressure in the near-term,” according to senior technical analyst Jim Wyckoff. He also says that BTC is not yet out of control. The declines in the crypto money markets scared many investors. BTC plunges back to June lows. Cryptocurrency analyst known as Mustache shared on his Twitter account:
Looking at the chart, Bitcoin will need to stay above $17,600 for a long time before invalidating the bearish perspective.
https://twitter.com/el_crypto_prof/status/1590720413973479424
The analyst, who warned of the Bitcoin decline, conveyed the price expectation
The analyst, who warned of a potential pullback as low as $14,000 for Bitcoin months ago, shared his latest expectation. The analyst, known by the name of Capo and predicting BTC drops correctly, says:
Rule #1: Never buy on the first bounce
Rule #1: never buy the first bounce
— il Capo Of Crypto (@CryptoCapo_) May 10, 2022
As we have reported as Kriptokoin.com; As a result of the reversal in the market, altcoins experienced a further rise. Almost all cryptocurrencies except stablecoins made gains in the top 200 on the day. Leading altcoin Ethereum (ETH) price has recovered from a two-year low. ETH, which fell after the FTX crisis, finished the day with a 15.32 percent gain. ETH price retraced the $1,300 support level. Also, Layer-2 scaling solution Polygon (MATIC) wiped out all recent losses with a 36 percent increase. However, MATIC is currently trading at $1.07.
Among the top winners of the day, Band Protocol (BAND) increased by 59.27 percent, Render Token (RNDR) by 43.38 percent and Solana (SOL) by 37.56 percent.
The overall cryptocurrency market cap is currently $897 billion, with Bitcoin dominance of 38.4 percent.
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