Key points:
Bitcoin’s fall has resulted in three consecutive weeks of outflows from crypto ETPs, indicating a negative sentiment.
Several altcoins are struggling to start a rebound, indicating a lack of demand from buyers.
Bitcoin (BTC) attempted a recovery to start the week, but the long wick on the candlestick shows selling at higher levels.
Several analysts believe that the market is likely to bottom soon and that the worst is over. Bitwise CEO Hunter Horsley said in a post on X that BTC has been in a bear market for the past six months, which is about to end. He added that the setup for crypto “has never been stronger.”
However, crypto sentiment platform Santiment cautioned in a report that “true bottoms often form when the majority expects prices to fall further” and not when there is a consensus about a “specific price bottom.”
Crypto market data daily view. Source: TradingView
Traders should keep a close eye on crypto investment products, which have witnessed three consecutive weeks of outflows totaling $3.2 billion. Last week alone saw $2 billion in outflows, the largest weekly outflows since February, according to a report from CoinShares. Sustained buying into crypto ETPs will be needed for a meaningful recovery.
Could BTC extend its decline, pulling altcoins lower or is a recovery around the corner? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
SPX daily chart. Source: Cointelegraph/TradingView
If the price turns down and breaks below the support line, it signals the start of a deeper correction toward 6,550 and then 6,400. The pattern target of the break from the triangle is 6,276.
Alternatively, if the price continues higher and breaks above the resistance line, it indicates the resumption of the uptrend. The index may rally to 7,000 and then to the target objective of 7,220.
US Dollar Index price prediction
The US Dollar Index (DXY) turned down from the 100.50 overhead resistance level on Nov. 5 but is taking…
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