Morgan Stanley recently warned that bitcoin could fall to the highs it set in 2019 and 2020 after breaking through key support in the $18,000 range. Several market observers weigh in, offering technical analysis and market commentary.
He noted that if bitcoin falls below the aforementioned price points, the “$10,000 level would be a major support level.”
“Not only is $10,000 a round number that psychologically attracts investors, but it also served as support before the last major breakout back in late 2020,” said Sifling.While many cryptocurrencies suffered losses because of the recent FTX saga, it “seems the market has currently priced most foreseeable defaults/contagion” regarding the exchange’s failure, Aguilar claimed.
“Despite a volatile week, based on data from Coinglass, investor open interest in CME BTC futures slightly increased during the week, with volume north of $25B with $1.5B in CME open interest,” he stated, citing figures gathered November 15.
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