Cryptocurrency market today, November 17: Investors panic

(NLDO)- Some analysts predict that if Bitcoin quickly regains its upward momentum and creates a bottom higher than the old bottom, the market may enter a new recovery period.

On the evening of November 17, the cryptocurrency market fell across the board. Data from the OKX exchange showed that in the past 24 hours, Bitcoin lost nearly 1% to $94,900.

Major cryptocurrencies also fluctuated slightly, with Ethereum down 0.1% to $3,160; BNB down 0.7% to $925. On the contrary, XRP rose 1% to $2.20 and Solana rose 0.5% to $140.

According to Cointelegraph , Bitcoin fell below $93,000 at one point last weekend, the same level as at the beginning of the year. This drop caused a strong polarization in market sentiment.

Some traders said that large investors are buying around the $88,500-$92,000 area, considering it as a support zone. However, there are still warnings that the price may continue to retreat to the $88,000-$90,000 area before recovering.

Bitcoin is trading in the $94,900 region Source: OKX

Despite the sharp drop, market data showed strong buying pressure overnight, helping to keep prices from sliding further. Some analysts believe that if Bitcoin quickly regains its upward momentum and creates a higher low, the market could enter a new recovery period.

Many investors expect Bitcoin to return to the $98,000 region to confirm the bottoming signal. Another notable price zone is around $91,800 – $92,700.

The market tends to return to test these areas, so many believe Bitcoin could fall here before bouncing back, although the recovery may be limited due to selling pressure above.

More worryingly, Bitcoin has lost a long-term support level that has held strong through multiple bull cycles.

A weekly close below this level is seen as a negative signal, increasing the risk of the market shifting to a medium-term downtrend, especially if the price breaks further below the $88,000 and $74,500 levels.

On a macro level, the cryptocurrency market has performed in contrast to other assets. While the cryptocurrency market capitalization has evaporated more than $100 billion in a few days, US stocks are still rising, gold is rising and bond yields are inching higher.

Some experts believe that the recent decline is mainly due to the liquidation situation and selling pressure from the cryptocurrency market, and has little to do with general economic factors.

Investor sentiment has also weakened significantly. The fear and greed index has fallen to its lowest level since the beginning of the year, indicating a cautious market. Bitcoin talk has increased as prices have fallen, reflecting the anxiety of retail investors.

Some analysts say such spikes in interest often occur near bottoming price zones.

Source: https://nld.com.vn/thi-truong-tien-so-hom-nay-17-11-nha-dau-tu-hoang-loan-196251117203220413.htm