Bitcoin has dropped dramatically in the last week as a result of the technical situation and the events of the FTX exchange. And exited the $19,000 zone into the $16,000 channel The price was rejected from the $15,000 band due to the presence of strong support.
Last week, the unemployment statistics and the US CPI were also released, revealing an increase in unemployment and a fall in the CPI, both of which were favorable to the market, causing the market to rise. However, owing to the untrustful atmosphere and the ambiguous condition of the FTX exchange, it was unable to break the $17,000 resistance and returned to the $16,000 channel. Bitcoin is still fluctuating in this channel at a low level.
Despite the expansion of the stock market and the Nasdaq, a price gap has formed between BIT and formerly connected financial markets, which is likely to be compensated for in the short run.
For the following week, we will see a calmer environment and an increase for Bitcoin, albeit due to the climate of mistrust created towards exchanges and the decline in transaction volume, there is little chance of a significant increase. However, because Bitcoin is near a critical support level, it must finish the accumulation phase and collect purchase orders before the rally can begin.