Bitcoin November 8, 2022 – Bend but don’t break (yet)

New bottom – Binance drama – FTX has made a turn that partially changes the crypto landscape. The sector may be witnessing a historic event and the price of bitcoin (BTC) reflects the major movements taking place there at the moment.

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Bitcoin price: $20,000 before the crash

The relief lasted only a few minutes. Bitcoin surged above $20,000 while the FTX token plunged above $20 as Binance CEO Changpeng Zhao announced that his company and FTX had signed an assurance letter. crypto exchange. It is reported that Binance intends to help the latter “cover the lack of liquidity.”

This bounce was followed by a prolonged decline, which shows that the markets are still restless, despite the start of the agreement between Changpeng Zhao and Sam Bankman-Freed in the hope of ending the current crisis.

After a new bottom, bulls react with real

Bitcoin fell to $16,950 on Bitfinex today, November 8, 2022, hitting a one-year low, below the previous June low of around $17,611.

The cryptocurrency is trading at $18,264 at the time of writing and is currently recording a daily loss of 12.33%. The FTX token is trading on Binance at $4.61.

To highlight the magnitude of today’s turmoil, the Material Indicators platform indicated that technical and psychological support has given way. The 100-, 50-, 21-day moving averages, not to mention the 2017 high, were lost in one daily candle.

Referring to recent Bitcoin price fluctuations, the area around $18,210 could now act as daily support.

Given the current context, the Whalemap team reminded that based on the realized price of portfolios containing between 10 and 100 BTC, the bottom of this cycle could be at $12,480.

BTC USD: possible bottomMessage from Whalemap – Source: Twitter

The collaboration between Binance and FTX seems to be gradually bearing fruit, but the downturn in the markets shows that investors may need further positive developments, as reported by Changpeng Zhao and Sam Bankman-Fried, to be sufficiently confident.

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