In the constantly fluctuating cryptocurrency world, Bitcoin (BTC) and Ethereum (ETH) have recently undergone significant market changes. On November 14th, US inflation data was unexpectedThe data is positive, indicating that core inflation has slowed to 4% year-on-year, overall inflation has slowed to 3
In the constantly fluctuating cryptocurrency world, Bitcoin (BTC) and Ethereum (ETH) have recently undergone significant market changes. On November 14th, US inflation data was unexpected
The data is positive, indicating that core inflation has slowed to 4% year-on-year, overall inflation has slowed to 3.2%, and Bitcoin initially surged to $36693.
However, optimism is short-lived. Despite the weakness of the US dollar index, the cryptocurrency king closed 2.5% lower, marking its worst daily performance in more than two months. This drastic fluctuation highlights the unpredictability of Bitcoin (BTC), especially after a significant 30% increase in the past month.
The second largest cryptocurrency, ETH, also faced a downturn, falling more than 3.6% and closing below the $2000 mark.
Bitcoin (BTC) and Ethereum (ETH) suffered heavy losses due to a sudden market downturn
Following an optimistic response to lower than expected inflation data in October, the cryptocurrency market faced a severe reality test on Tuesday. According to CoinGlass's data, leveraged long positions were wiped out by a staggering $303 million in just 24 hours. This is the most severe sell-off since the significant decline in Bitcoin (BTC) on August 17th, indicating that investors are generally surprised. The sudden market fluctuations affected approximately 88667 traders, which clearly indicates that many people are unprepared for a sudden downturn.
Bitcoin (BTC) traders were the first to bear the brunt of this market shift, facing over $133 million in liquidation, while Ethereum (ETH) traders also suffered huge losses of approximately $70 million. The largest single strong flat order is BTC-USDT-SWAP on OKX, valued at $9.45 million. The total liquidation volume resulted in a loss of $120 million for BTC's long position and $64 million for ETH's long position, demonstrating the severity of market volatility.
Earlier, analysts at JPMorgan Chase stated that the rise in cryptocurrency prices has become excessive. They suggest that this excitement, especially the expected approval of Bitcoin ETFs, may lead investors to push prices too high and too fast. This adjustment in the market can serve as a practical test of the cryptocurrency world, encouraging people to have a deeper understanding of the true robustness and persistence of the market.
Bitcoin (BTC) Technology Outlook
Now, Bitcoin (BTC) is going through a critical moment, trading between its first support level of $34899 and its first resistance level of $36525. The MACD indicator provides further insights, stagnating at $36865 and $36006, indicating a potential shift in momentum.
The recent price trend shows that Bitcoin has slightly declined by 0.4% in one day, but has risen by 1.5% in the past week, indicating a temporary balance between bullish and bearish forces. The trading volume exceeded $24 billion in the past 24 hours, an increase of 47%, indicating an intensification of market activity and adding another layer of complexity to the current situation.
In a bullish scenario, if Bitcoin (BTC) can break through $36525, it may target the second level resistance level of $37456 and potentially challenge a 1-month high of $37963. On the other hand, in a bearish situation, if the current level cannot be maintained, the BTC price may drop to $34899. Breaking below this level may lead to a further drop to the second support level of $34205, or even to the third support level of $33274, and traders may expect this support level to stabilize.
Ethereum (ETH) Technology Outlook
Ethereum (ETH) is currently in a critical stage: as of today, Ethereum's prices have fallen slightly by 1% in the past 24 hours, hovering above $2000, but have risen by 7% in the past week. This change occurred against the backdrop of trading volume reaching $23.6 billion in the past 24 hours, a significant increase of 10.5% compared to the previous day.
From a technical analysis perspective, the key levels worth noting for ETH are the resistance level of $2125 and the 52 week high near $2138. Meanwhile, recent support levels of $1930 and $1877 are key thresholds. It is worth noting that Ethereum (ETH) prices have recently exceeded the 9-day moving average of $1963, indicating a shift in potential momentum. In addition, the MACD indicator shows a stagnant trend around $2049 and $1980, indicating that the upward trend may pause.
From a bullish and bearish perspective, the future price trend of major counterfeit currencies depends on several factors. From a bullish perspective, if ETH breaks through the resistance level of $2125, it may target a higher resistance level of $2178, which may indicate a strong upward trend. On the contrary, in a bearish scenario, if it falls below $1930, ETH may test a lower support level of $1806.
Bottom line
In the field of cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) can be considered giants, each following their own unique paths in market fluctuations. BTC operates in a delicate balance: with every change between the key support level and the resistance level, the suspense will increase - will it open up a new world or take a step back?
Although ETH has experienced the same fluctuations, it tells its own story. Its dance around key technical indicators such as MACD and moving average provides hints for what may happen in the future. Ethereum (ETH) currently seems to be holding its ground, but in such an unstable market, who knows? It can either touch the stars or dive deeper in the blink of an eye.
Thank you for watching. Friends who like it can click like to follow. See you next time!
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
