During the week of November 14-20, trading on the crypto market was relatively quiet. Increased volatility was observed on the first day of the week. BTC/USDt jumped from $15.8 th. to $17.1 th. (+8.69%). The growth of quotations was caused by the “cryptoguru” Changpeng Zhao, the head of Binance. He said he would launch a fund to rebuild the industry and help promising companies to reduce the negative impact from the collapse of the FTX crypto exchange.
After updating the weekly high price stabilized in the range of $16.3 thousand – $17.2 thousand. Investors are in no hurry to buy the cryptocurrency, as they took a wait-and-see attitude due to fears of another wave of sales amid new bankruptcies of companies associated with the collapsed exchange.
For ten days, the market has been in a rest phase after the recent collapse. Bitcoin’s correlation with the S&P500 Index has turned negative at 0.62. The crypto market has stopped reacting to the dynamics of the dollar and stock indices. Investors are busy transferring tokens from centralized exchanges to cold wallets to protect their cryptocurrency.
The price of bitcoin is at $16,65 thousand, waiting for a new batch of news on the crypto industry. According to the latest quotes, $16.64 thousand are given for one bitcoin. The trading range is between the levels of $15.8 thousand – $17.2 thousand. The price exit from the corridor will determine the movement of the BTC/USDt pair for 1-3 days.
Because buyers failed to quickly return the price for $18.5 ths, the level of $12 ths is still blinking green for sellers below, signaling the absence of resistance. Because of the FTX collapse, events may start to unfold in a worst-case scenario for bitcoin and crypto investors. Buyers need to consolidate above $18.5k. Without consolidation, the bearish sentiment will not be leveled.
Of the important – it is worth highlighting the minutes of the November meeting of the U.S. Federal Reserve, which will be released on November 23. Bitcoin is detached from risky assets, so it may ignore the reaction of investors to the publication of the minutes.
