Taking cue from more bad news from FTX, bitcoin price at press time is down by 2.98% at $16,814.84. This is despite BTC, ETH, and other coins having gained some lost ground on Friday — notwithstanding FTX fiasco. The breather came from unexpected decline in inflation hinted at by the latest consumer price index figures.
This year, BTC has declined 63.56% from its all-time high of $69,000 in November 2021. Regarding the forward outlook on Bitcoin price, the hot crypto coin moving slightly above the $16,000 support level after the Wednesday lows appears to be consolidating into a narrow trading range and further price action will depend on a breakout of this line.
BTC/USD prices have certainly rebounded from previous lows of $15,682.69. But the momentum looks apparently bearish, with charts in the 10-day moving average maintaining downward trnd against 25-day blue counterpart. This bearish momentum makes many expect BTC to plunge as low as $13,500 in the coming weeks.
On Day Four of the FTX shock, the scenario at crypto markets showed a modest Friday rally. FTX’s beleaguered FTT token whose accumulation by sister company Alameda Research triggered the crisis jumped 50% to $3.40. Solana’s SOL which also figured on Alameda’s balance sheet shot up more than 40%.
The collapse of FTX has made the crypto market lose over $200 billion since the crisis came to light.
