BITCOIN ANALYSIS TODAY (November 13)
Macro Analysis
Bitcoin price today recorded at 13:45 pm at $16,720.29, a slight decrease of 0.53% compared to 24 hours ago.
During the day, the bitcoin price fluctuated between $16,605.95 and $16,955.50, according to CoinDesk's bitcoin price index.
In the market, 83 of the top 100 coins by market value are down from 24 hours ago.
The market's 24-hour trading volume plummeted to $56.43 billion, 42.69% lower than on November 12.
The US Dollar Index shows a negative correlation with traditional stocks and the crypto market. If DXY has indeed reached the macro top of this cycle, it is likely that Bitcoin has recorded or is close to the macro bottom of the ongoing bear market.
The latest US economic data shows that inflation in October 2022 fell more than expected. This gives hope to US consumers and is good news for the US Federal Reserve (Fed). The agency has been trying to lower the Consumer Price Index (CPI) for the past several months.
The US CPI was at 7.7% in October. This was 0.2% lower than analysts' expectations of 7.9%. Moreover, it is much lower than the September 2022 inflation rate of 8.2% and this downward trend is likely to continue.
Major cryptocurrencies also saw strong gains as DXY corrects. Bitcoin bounced 10.54% up the previous day, approaching $17,000 and then maintaining sideways price action over the past 24 hours.
BTC Technical Analysis
As observed, the downward momentum has leveled off, and BTC has produced rallies alternating with declines. In the short term, BTC will trade around at this price range and wait for the accumulation to be large enough to continue the strong downward trend.
Currently, it is preferable to open small frames, trade short-term surfing, then find a good entry point to open Short/Sell positions.
Bitcoin price today recorded at 13:45 pm at $16,720.29, a slight decrease of 0.53% compared to 24 hours ago.
During the day, the bitcoin price fluctuated between $16,605.95 and $16,955.50, according to CoinDesk's bitcoin price index.
In the market, 83 of the top 100 coins by market value are down from 24 hours ago.
The market's 24-hour trading volume plummeted to $56.43 billion, 42.69% lower than on November 12.
The US Dollar Index shows a negative correlation with traditional stocks and the crypto market. If DXY has indeed reached the macro top of this cycle, it is likely that Bitcoin has recorded or is close to the macro bottom of the ongoing bear market.
The latest US economic data shows that inflation in October 2022 fell more than expected. This gives hope to US consumers and is good news for the US Federal Reserve (Fed). The agency has been trying to lower the Consumer Price Index (CPI) for the past several months.
The US CPI was at 7.7% in October. This was 0.2% lower than analysts' expectations of 7.9%. Moreover, it is much lower than the September 2022 inflation rate of 8.2% and this downward trend is likely to continue.
Major cryptocurrencies also saw strong gains as DXY corrects. Bitcoin bounced 10.54% up the previous day, approaching $17,000 and then maintaining sideways price action over the past 24 hours.
BTC Technical Analysis
As observed, the downward momentum has leveled off, and BTC has produced rallies alternating with declines. In the short term, BTC will trade around at this price range and wait for the accumulation to be large enough to continue the strong downward trend.
Currently, it is preferable to open small frames, trade short-term surfing, then find a good entry point to open Short/Sell positions.