Bitcoin (BTC) starts the second week of November battling some familiar FUD — how will BTC price action react?
The largest cryptocurrency managed a weekly close just below $21,000 on Nov. 6 — an impressive multi-week high — but remains fixed in a sticky trading range.
Despite seeing highs of nearly $21,500 over the past week, there has yet to be a catalyst capable of breaking the market status quo, but the coming week has as good a chance as any of doing so.
Nov. 10 will see key United States inflation data for October released, while jobless claims and multiple speeches from Federal Reserve officials may also impact risk asset volatility.
An unexpected twist from within the crypto realm comes in the form of turmoil involving exchange FTX, Alameda Research and Binance.
Concerns over liquidity have escalated as Binance CEO, Changpeng Zhao, reveals a plan to sell off his platform’s entire stash of FTX’s proprietary token, FTT.
Bitcoin reacted in line with market sentiment overnight, but going forward, will the debacle prove any more than classic crypto FUD?
Cointelegraph takes a look at some of the major factors set to influence BTC price action in the coming days.
FTX worries disrupt weekly close
While falling into the weekly close, BTC/USD still managed to post its highest such weekly candle close since mid-September.
Data from Cointelegraph Markets Pro and TradingView shows the week to Nov. 6 being capped at $20,900 on Bitstamp.
With that, Bitcoin defends its trading range and avoids any noticeable break of its current paradigm — lurching between $19,000 and $22,800 since August.
While heading nearer the top of the range, the FTX news involving Binance appeared to dampen the mood significantly, ultimately costing Bitcoin the $21,000 mark.
“As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT),” Binance CEO, Changpeng Zhao (also known as “CZ”) wrote in a Twitter thread.
“Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books.”
Zhao added that divesting itself of its FTX holdings would take Binance “a few months,” acknowledging that markets could be impacted throughout.
In his own thread, Sam Bankman-Fried, CEO of FTX, meanwhile referenced what he called “unfounded rumors” regarding liquidity issues.
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