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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

November Crypto Market Turbulance Shakes Holders To Their Core

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Crypto AR Bitcoin

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With an average 6% loss and a 10% correction in the weekly chart for Bitcoin, Cardano (ADA), XRP, and others, the crypto market has been trading in choppy waters for the past days. The uncertainty has brought a change in the sentiment, as traders prepare for further downside.

Bitcoin BTC BTCUSD
BTC trends downwards in the 4-hour chart. Source: BTCUSD Tradingview

Data from Arcane Research records a flipped in the Fear and Greed Index, the indicator has quickly moved from “Greed” to “Fear” as Bitcoin and other major cryptocurrencies in the top 10 by market cap retested critical support levels.

Crypto Bitcoin
Fear and Greed Index. Source: Arcane Research

Bitcoin had a particularly bad week in terms of performance as an increase in volatility caused the price to fluctuate in a range between $55,4000 and $60,000. On the other hand, Ethereum has showed more strength as it has been able to quickly bounce back from its low and into the mid area around its current levels.

Related Reading | TA: Bitcoin Holds Key Support, Why BTC Remains At Risk of Sharp Decline

As Arcane Research noted, the crypto market’s sentiment is still far from suggesting a cycle top. Despite the downside pressure, fundamental remains for future appreciation as most cryptocurrencies successfully retested their monthly lows. Arcane Research noted the following:

(…) in bull markets, the Fear and Greed Index indicate “greed” or “extreme greed” for more extended periods with short periodical visits to the “fear” area, just like we saw this spring. Therefore, a “fear” level is not necessarily a signal that the current bull market is over (…).

Why The Crypto Market Could Need More Blood Before New ATHs

The short term paints a very different picture for Bitcoin and the rest of major crypto. The U.S. Dollar Index (DXY) has been showing strength as the market trends downwards.

However, as analyst Justin Bennett pointed out, the U.S. currency could have found a local top. This could provide some breathing for crypto and allowed them to return to their previous high or take another shot at critical resistance price points.

Crypto Bitcoin DYX
DXY Index in the daily chart. Source: Justin Bennett via Twitter

Despite the above, traders still need to maintain caution. Although there has been a reset across the crypto market, the derivatives sectors still show signs of being overheated with most exchanges recording neutral funding rates that quickly turn positive on breakouts to the upside.

Related Reading | This Bitcoin Metric Hints At Bottom, Is BTC Out The Woods? 

Thus, why Jarvis Labs believes Bitcoin and the crypto market could re-entered price discovery once funding rates turn negative, as it did in September 2021. This could dip the Fear and Greed Index further down the fear levels into Extreme Fear.

#BTC funding rate on Binance still hovers around neutral values. Best to wait for a few days of negative funding regime as it did in September end before sizing up. pic.twitter.com/AJ5bKDr29k

— Jlabs Digital (@jlabsdigital) November 23, 2021

On that note, pseudonym trader Rekt Capital believes Bitcoin has showed little signs of strength. Another run into the lows could bring the whole market down with BTC’s price. The analyst said:

Let’s see how the Daily closes But investors are only fearful at the moment. A breakdown from here would certainly make them extremely fearful (…). Greed drives price up. Fear drives price down. Extreme Greed precedes tops. Extreme Fear precedes bottoms. Bitcoin probably needs to reach extremely fearful investor sentiment before it finally bottoms and reverses.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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