Daily Bitcoin and Crypto Analysis

November 10: Daily BTC Analysis

November 11, 2021

Matt Blom

Another ATH, this time $69,000 holds the top spot.

Another ATH, this time $69,000 holds the top spot. Today's move wasn't caused by a Tweet, it was a reaction to real world financial data, namely US inflation. 

The price of cars, clothes, healthcare, accommodation, food, and transport, are all on the rise. The Fed seems to be the only voice that claims this move in inflation is transitory, and for good reason. Should inflation spill over in to wages, the fight to control it will require a tightening of monetary policy, and with it, slower growth, reduced job creation, and a broad reduction in the standard of living.

Today's Inflation print at 6.2 was the highest in over 30 years. Basically, if you're under 45, you don't really remember what inflation does to an economy.  

Bitcoin didn't exist the last time inflation was north of 6%. What will be interesting to see is the rhetoric of Bitcoin being 'digital gold' increasing across mainstream press.

Inflation isn't a surprise, the Fed have stated they wish to let it run hot as the economy recovers from the pandemic. 

If you're a gold bug, maybe its time to face facts.  

Digital replaces analog. Everytime. 

Technical Analysis

For a brief moment, Bitcoin looked to be trading back down to support at $64,890. The US data ended that move, with prices moving $2,000 higher within in 30 minutes, and breaking through the previous ATH. Attention now turns to $70,000, and Bitcoin's march into uncharted territory.   

The dips are shallow, and with the period of consolidation behind us, buyers will be left chasing the market higher. Support at $64,890 is likely to be rock solid, should the bears be able to stem the buying and push prices south.  

Market Data


Related Articles

November 18: Daily BTC Analysis

November 19, 2021

Matt Blom

The natural ebb-and-flow of price, has replaced the bullish moves seen through October and early November

Keep up with crypto through EQONEX!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Daily Macro And Crypto Markets Update: Markets Pull Back But On-Chain Indicators Hint At More Upside

November 17, 2021

Justin d'Anethan

It looks like crypto isn’t correlated to traditional markets, at least not during this past session.

Daily BTC Analysis: The Weekender

November 15, 2021

Matt Blom

One of the big factors contributing to bitcoin’s expansion over gold is that millennials are becoming more knowledgeable of the investing world.