Experts have termed the latest crypto market correction as a regular event while describing the solid fundamentals and outlook of the market’s future.
A short crypto market correction occurred in the last 24 hours, as Bitcoin stabilized after several days of a long-drawn rally. Its support has formed at $35,000, which is a clear signal for its long-term bullish fundamental outlook.
Meanwhile, as other tokens also saw sell-offs, Solana posted gains of over 10%, with weekly returns of 33.4%. On the other hand, ETH is currently trading just below $2000, with a market cap of $247 billion.
Crypto traders treaded cautiously earlier with the inflation reports coming up in two major economies, the US and the UK. Both countries saw favorable results. While the UK’s inflation report witnessed a sharp decline, inflation in the US stayed neutral.
The US Bureau of Labor Statistics said, “The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October on a seasonally adjusted basis, after increasing 0.4 percent in September.” It added, “Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment.”
Analysts had highlighted the fear and greed index in crypto had pointed towards an overbought period. Thus, the sell-offs in the market could only be temporary, with future price predictions still positive.
BTC/USD 1D price chart
Bitcoin is currently trading at around $35,900 on November 15, 2023, with BTC/USD trading lower by a margin of 1.1% in the last 24 hours. The market could continue slowing for some time before bulls step up buying soon.
BTC/USD is trading higher than its 20-day EMA (34,401.56), as BTC’s 24-hour volume was at around $24 billion. The crypto market cap decreased by around 1.89%, trading at $1.38 trillion.
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