Crypto market analysis of November 21th, 2023
Written by Yuya HASEGAWA, bitbank
After last week’s quick correction to sub-$35k level, bitcoin showed a sharp rebound to $38k. However, despite its solid fluctuation, the upside has been suppressed at the $38k psychological level.
One of the reasons why bitcoin failed to breach that level is the SEC’s decision to postpone its decision to approve or disapprove Hasdex’s bitcoin ETF on Thursday. The Commission also postponed its decision on Franklin Templeton and GlobalX’s bitcoin ETF the following day, making the next deadline January 2024. Until then, not much could be expected from the Commission or the sponsors of the respective ETF, but the macro environment seems to be in favor of bitcoin.
October’s U.S. CPI and PPI have indicated some slowdown in inflation, and although retail sales in October did not decline as much as the market anticipated, it dropped from +0.9% in September to -0.1%, indicating weaker consumption. The Fed has yet to decide what to do with their policy rate at the December meeting, but economic data in the third quarter so far could justify the end of rate hikes.
Bitcoin needs a catalyst to breach $38k and November's FOMC minutes, which will be released on Tuesday, could provide one.
Disclaimer
I confirm that I have read and understood the following: The information contained in this article is strictly the opinions of the author(s). This article was authored free from any form of coercion or undue influence. The content represents the author's own views and does not represent the official position or opinions of CrossAngle. This article is intended for informational purposes only and should not be construed as investment advice or solicitation. Unless otherwise specified, all users are solely responsible and liable for their own decisions about investments, investment strategies, or the use of products or services. Investment decisions should be made based on the user’s personal investment objectives, circumstances, and financial situation. Please consult a professional financial advisor for more information and guidance. Past returns or projections do not guarantee future results. This article is provided by CrossAngle’s third-party research partners. CrossAngle does not have any editorial control over this article and does not warrant the accuracy and timeliness of the information contained herein. This article may contain links to third-party websites, over which CrossAngle disclaims any control or responsibility.
Xangle or its affiliated partners own all copyrights of the written or otherwise produced materials and content provided on the platform. Any illegal reproduction of such content, including, but not limited to, unauthorized editing, copying, reprinting, or redistribution will result in immediate legal actions without prior notice.
