Although the broader crypto market has rallied past $1 trillion recently, JP Morgan Chase & Co. strategists warn of the possible slump ahead. In a note the team wrote: “This is a concerning development as it shows reluctance by VC funds to deploy capital into the digital-asset space, increasing the likelihood that the current weakness in crypto markets would be long lasting.”
On November 3, crypto exchange Coinbase (one after MicroStrategy) reported its Q3 earnings with a net loss of $545 million. The company said that its transaction revenue has been strongly impacted by macro headwinds as well as crypto market correction. Coinbase also stated that it doesn’t expect the crypto market to rebound swiftly from the current levels.
In another development, JPMorgan said that banks will have to prioritize consumer protection as they embark on crypto-related experiments. In recent times, banks have been inching closer to the crypto industry to make their financial services more affordable and efficient. However, proper security measures are essential to safeguard investors from cybersecurity risks.
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Bitcoin price started adownside correction below the $20,250 level and settled below the 100 hourly simple moving average.
However, the bulls were active near the $20,000 zone. A low was formed near $20,059 and BTC is now consolidating losses. There was a minor increase above the $20,200 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $20,865 swing high to $20,060 low.
Source:BTCUSD on TradingView.com
Hourly MACD gains pace in the bullish zone
Hourly RSI is above 50 level
Support Levels – $20,200, $20,000, $19,200
Resistance Levels – $20,350, $20,500 and $21,000, $22,000
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