The Next Move in Bitcoin's Wild Ride
Bitcoin has exhibited some of the most volatile swings in the past 24 hours as it has in the entire time we've been following it. First, the FTX debacle worsened as Binance reportedly pulled out of their deal to by the insolvent company. This sent BTC to yearly lows, cracking our absolute lower bound at 17.6K. But we didn't stop there. Bitcoin continued to sell off, careening through the 16K handle, finally finding support in the 15K's. We saw levels displayed on the chart we hadn't seen in years. We finally found support just above our level at 15.1K. Just now (at 8:30 AM EST), US inflation data came out weaker than expected, suggesting that the Fed may finally be able to ease their hawkish stance. This fueled a rally in all risk-on assets, including cryptos. Bitcoin rallied, pivoting off lows, and made an attempt at 17.6K from below. We appear to be meeting prohibitive resistance here, and expect BTC to range just below this level for the time being. If we are able to break through, then 18.6K should provide resistance.
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