The largest cryptocurrency achieved a weekly close just below $21,000 on Nov. 6, an impressive multi-week high, but remains locked in a stiff trading range.

Despite seeing highs of almost $21,500 over the past week, there has yet to be a catalyst capable of breaking the market status quo, but next week has as much chance of doing so as any.

Key US inflation data for October will be released on November 10, while jobless claims and multiple speeches by Federal Reserve officials may also affect risk asset volatility.

An unexpected twist within the crypto realm comes in the form of turmoil involving the FTX exchange, Alameda Research, and Binance.

Liquidity concerns have risen as Binance CEO Changpeng Zhao reveals a plan to sell his platform’s entire stash of proprietary FTX token,
FTT

mark down
$0.83

Bitcoin reacted in line with market sentiment overnight, but going forward, will the debacle be more than classic crypto FUD?

Cointelegraph takes a look at some of the major factors that will influence BTC price action in the coming days.

FTX concerns disrupt weekly close
While falling on the weekly close, BTC/USD still managed to post its highest weekly close since mid-September.

Data from Cointelegraph Markets Pro and TradingView shows that the week to November 6 is capped at $20,900 on Bitstamp.

BTC/USD 1-week candlestick chart (Bitstamp). Source: TradingView
With that, Bitcoin defends its trading range and avoids any notable breakout from its current paradigm, hovering between $19,000 and $22,800 since August.

As it neared the top of the range, the FTX news involving Binance seemed to dampen the mood significantly, ultimately costing Bitcoin the $21,000 mark.

“As part of Binance’s exit from FTX capital last year, Binance received approximately $2.1 billion USD equivalent in cash (BUSD and FTT),” wrote Binance CEO Changpeng Zhao (aka “CZ” ) in a Twitter thread.

“Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books.”
Zhao added that it would take Binance “a few months” to dump its FTX holdings, acknowledging that markets could be affected at any time.

In his own thread, Sam Bankman-Fried, CEO of FTX, meanwhile, referenced what he called “unfounded rumors” about liquidity problems.

“We are grateful to those who stay; and when this is over we will welcome everyone else back,” he wrote in an upbeat post to his followers overnight.

Market reaction so far has been less positive; a look at the top ten cryptocurrencies by market cap shows 24-hour losses on some tokens approaching 10% at the time of writing.

For Bitcoin traders, it is time to take advantage of the one-week pullback that they believe should result in further upside.

“Lower time frame support was lost. Nice little throwback. Will look to trade again when it finds its next support,” the popular IncomeSharks trading account wrote in an update.

A separate post focused on potential crypto crossover gains.

“Total market capitalization is looking very good on a daily basis. Bullish or bearish, I think there are enough people still sitting in the cash to push up to 1.5 trillion,” he was saying.

Total crypto market capitalization 1-day candlestick chart. Source: TradingView
Michaël van de Poppe, founder and CEO of trading firm Eight, also said that he would look to “buy the dipping opportunities” in cryptocurrency in the short term.

A classic counter perspective came from fellow Crypto trader Il Capo, who argued that $21,500 will mark the high point in a downtrend that will continue.

“Seeing whales wanting to fill out applications at 21500. A very fast rip-bomb at this level would be the perfect end to the party. ETH at 1700,” read part of a tweet.

The CPI and US midterms in the spotlight
The Federal Reserve dominated the last week of October when it came to crypto asset performance thanks to its decision to raise interest rates by another 0.75%.

As this rolls out, markets will watch another key figure this week: the Consumer Price Index (CPI) data for October.

Estimates put year-on-year inflation at 7.9%, according to economists in

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