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Despite 120% YTD growth, Bitcoin’s path may follow historical market correctionsDespite 120% YTD growth, Bitcoin’s path may follow historical market corrections


Published Nov 13, 2023 01:26PM ET

Bitcoin’s price dropped below $36,950 today as the cryptocurrency market remained on edge in anticipation of this week’s key macroeconomic data releases. The market’s focus is on how these updates could influence risk-sensitive assets like cryptocurrencies.

On the first trading day of the week, a bearish mood prevailed with Bitcoin falling around 1% to $36,784. CoinStats highlighted that if Bitcoin were to breach the support level of $36,343, identified by TradingView, it might trigger a correction pushing prices further down into the $35,500-$36,000 range.

In contrast to Bitcoin’s downturn, Ethereum showed resilience by climbing 1.68%. After rebounding from $2,029, Ethereum was trading at $2,091. This positive movement comes in the wake of BlackRock (NYSE:BLK)’s recent Ether ETF filing which has likely contributed to the bullish sentiment surrounding Ethereum.

Other cryptocurrencies experienced mixed results; XRP mirrored Bitcoin’s pattern with a 2.14% decline to $0.6477. Analysts suggest that if XRP closes near its critical level of $0.6283, it might see a further drop to approximately $0.60.

The broader crypto market’s sentiment was influenced last week by Federal Reserve Chairman Jerome Powell’s remarks hinting at possible continued rate hikes. These comments tempered the initial optimism traders had regarding a pause in interest rate increases.

The upcoming CPI inflation data and retail sales figures are highly anticipated as they are expected to significantly influence rate expectations.

While Bitcoin struggles to maintain its ground and Ethereum gains slightly, other altcoins like Cardano have seen a 4% decrease. Polygon managed a 5% gain amidst this volatility. Memecoins such as Dogecoin and Shiba Inu did not escape the downturn, both experiencing declines of over 1%.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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