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VI Market participants are going through a period of fear and uncertainty as the exchange FTX recently declared bankruptcy after facing a liquidity crunch. The result is, Bitcoin plunged and marked a new low at $ 15,500.
US Stocks
Contract futures fell on Sunday after the S&P 500 posted its biggest weekly gain in nearly five months on better-than-expected inflation data.
Dow Jones Index futures 100 points down, S&P 500 futures fell 0.4% and Nasdaq 100 futures traded 0.6% lower.
The S&P 500 rallied 5.9% last week, recording its best week since June. Investors welcomed the lower-than-expected inflation and said that the US Federal Reserve (Fed) will soon ease its tightening campaign.
The Nasdaq Composite rose 8.1% last week, its best-ever week since March. Meanwhile, the blue-chip Dow Jones index rose 4.2%.
The Cboe Volatility Index, known as Wall Street's fear gauge or VIX, fell 1 point to 22.5, hitting its lowest level since August. VIX, which tracks the 30-day volatility of the S&P 500, has been trading above the 30-point threshold for most of October.
Investors learned more about the news on the political front over the weekend. Democrats will retain control of the Senate in the 2022 midterm elections, NBC News predicts.
Meanwhile, the third-quarter earnings season will continue, heavily focused on the retail sector with Tyson Foods due to report results on Monday. Major retailers like Walmart, Home Depot, Target, Lowe's, Macy's and Kohl's are all expected to report results this week.
Asia-Pacific markets were mixed on Monday after ending last week with a major rally on better-than-expected US consumer prices and China's announced easing of some measures. My Covid. The Hang Seng Index had its best day since March 16.
Japan's Nikkei 225 was down slightly 0.3% in early hour trading, while Topix was down 0.44%. In Australia, the S&P/ASX 200 gained 0.13%.
Kospi in Korea rose 0.28% and Kosdaq inched higher 0.13%. The MSCI index of Asia-Pacific shares outside Japan was up 0.25%.
Bitcoin and Altcoins
The $ 18,000 level used to be a strong support for several months. However, Bitcoin recently rejected the area and experienced a major shake, falling deeply into the $ 15,000 region.
The market may have entered a new accumulation range as prices fell sharply. However, during this period, the price might retest the $ 18,000 level and the trendline is broken as a pullback and then resume the downward momentum towards $ 15,000
Usually, after an extended move, the market enters a short to medium term accumulation phase and forms continuation correction patterns. This phase typically includes high volatility and liquidation in the futures market.
Furthermore, during the recent downturn, an imbalance was formed in the 4-hour timeframe between the $ 18,700 and $ 19,200 levels. The price is likely to head towards the $ 18,000 level and use the existing imbalance to resume the downtrend towards the $ 15,000 support area.
Long-term holders are an important group in the market and monitoring their performance can help predict direction. The Binary Coin Days Destroyed (Binary CDD) indicator can be used to monitor the behavior of this group.
The following chart shows the Binary CDD index (50-day EMA) and the price of Bitcoin. The spike indicator identifies selling pressure from long-term holders. Currently, it has rallied strongly and marked a new short-term high. This is due to the collapse of FTX and liquidity recession, leading to a new phase of panic and capitulation.
If this index continues to spike, the market will soon return to lower prices and now BTC is once again approaching the $ 16,000 area.
Altcoins continues to be red when the market is still uncertain about the short-term future ahead.
Leading the day's decline was Cronos (CRO) when losing more than 25% value. In a 7-day timeframe, this token has evaporated to over 50%.
Other projects like Aptos (APT), Chiliz (CHZ), Solana (SOL), Quant (QNT), Casper (CSPR), EthereumPoW (ETHW)… recorded a drop above 10% in the past 24 hours.
Ethereum (ETH) also turned down more than 3% yesterday, below the $ support level of 1,200 and is currently trading around $ 1.185.
