On November 14, anyone who’s been glued to the charts this weekend has probably had enough.
BTC fell below 67,000 for the first time in nearly three months. ETH dropped to around 1,900, its first time below 2,000 since August 19. XRP fell below $1, just shy of its year-to-date low of 0.986 on August 14. SOL is hovering around $75.
Over the last five trading days, BTC fell 5.81%, ETH 9.82%, SOL 8.99%, and XRP 10.56%. Less than ten days ago, XRP was still at 1.35; on November 5, ETH was around 2,500. As usual, altcoins have fallen harder than the big boys.
The reasons aren’t complicated; several things are happening at once:
The 10-year U.S. Treasury yield rose from 4.88% to 5.15% Spot BTC ETFs saw net outflows for five consecutive trading days, totaling about $1.065 billion About $450 million worth of BTC and $200 million worth of ETH were liquidated in 24 hours
One gripe: support levels are least reliable when everyone’s watching them. 80,000 held several times, and the area around 76,000 held four times—but when it was time to break, they broke anyway.
Even old crypto hands have to be fair: at the November 13 close, BTC’s daily RSI was around 29.7, technically oversold. But oversold doesn’t mean bottomed out, and history is full of cases where oversold conditions kept getting more oversold. I’m not guessing the bottom; I’m watching just two things: when ETF outflows will stop, and whether the 10-year yield can get back below 5%.
Are our price alerts still on, or have you muted them already? Let’s talk in the comments.
$BTC
$ETH
$XRP
BTC fell below 67,000 for the first time in nearly three months. ETH dropped to around 1,900, its first time below 2,000 since August 19. XRP fell below $1, just shy of its year-to-date low of 0.986 on August 14. SOL is hovering around $75.
Over the last five trading days, BTC fell 5.81%, ETH 9.82%, SOL 8.99%, and XRP 10.56%. Less than ten days ago, XRP was still at 1.35; on November 5, ETH was around 2,500. As usual, altcoins have fallen harder than the big boys.
The reasons aren’t complicated; several things are happening at once:
The 10-year U.S. Treasury yield rose from 4.88% to 5.15% Spot BTC ETFs saw net outflows for five consecutive trading days, totaling about $1.065 billion About $450 million worth of BTC and $200 million worth of ETH were liquidated in 24 hours
One gripe: support levels are least reliable when everyone’s watching them. 80,000 held several times, and the area around 76,000 held four times—but when it was time to break, they broke anyway.
Even old crypto hands have to be fair: at the November 13 close, BTC’s daily RSI was around 29.7, technically oversold. But oversold doesn’t mean bottomed out, and history is full of cases where oversold conditions kept getting more oversold. I’m not guessing the bottom; I’m watching just two things: when ETF outflows will stop, and whether the 10-year yield can get back below 5%.
Are our price alerts still on, or have you muted them already? Let’s talk in the comments.
$BTC
$ETH
$XRP
