Bitcoin and Ether continue their downward move, repeatedly fed by fresh negative headlines. Recall that recent developments for the crypto world have been uniformly negative. Central banks—notably the Fed—continue to tighten monetary policy; the Clarity Act remains only a bill; and Democrats won the U.S. congressional elections, which further reduces the odds that the Clarity Act becomes law. Historically Bitcoin tends to fall after midterms (which we are observing now), and two weeks ago the list of headwinds grew with the hack of the world's largest crypto exchange, Binance. That was followed by a stock market collapse and a rout in tech shares, which many experts closely link to Bitcoin's price. Taken together, the fundamentals for further growth in the crypto market remain, to put it mildly, doubtful. We do not deny that the asset can rally in any news environment, but at present there are no technical signals or fundamental grounds for a sustained rise.
Meanwhile, Bloomberg senior strategist Mike McGlone said he expects further declines in "digital gold" that could continue through year-end. Mr. McGlone called Bitcoin a "leading indicator of investors' risk appetite," and the current situation in the crypto market shows investors are not ready to take risk. He also pointed to Bitcoin's inability to hold above $80,000 and warned that the U.S. stock market sell-off (notably in AI-linked tech stocks) could trigger even larger declines in Bitcoin. Interestingly, McGlone sees the primary reason for Bitcoin's weakness over the past month and a half as the fall in the U.S. stock market. In our view, however, there are many more reasons for continued weakness in "digital gold" than for a new bull trend. McGlone also noted that leverage works against the leading crypto because too many market participants use it actively, which then provokes waves of liquidations. The Bloomberg economist reminded readers of his forecast that Bitcoin could fall to $10,000 if it fails to hold $75,000. Perhaps Bitcoin will not drop all the way to $10,000, but a decline below the previous low — $57,800 — is quite possible.
Other articles to read:
EUR/USD review. November 10: What surprises inflation may bring
GBP/USD review. November 10. The UK regrets Brexit
Trump no longer wants to fight Iran.
How to trade EUR/USD on November 10? Simple tips and trade breakdowns for beginners
How to trade GBP/USD on November 10? Simple tips and trade breakdowns for beginners
What should be in focus on November 10? Fundamental events explained for beginners
EUR/USD analysis results on November 10
GBP/USD analysis results on November 10
Trading recommendations for BTC/USD:
Bitcoin tried to start a new uptrend, but the fundamental backdrop, spot demand, and recent news are too negative to count on its continuation. On the daily timeframe, Bitcoin may remain in decline, as the price has already reacted to three bearish FVGs and formed a bearish order block. A move outside the daily sideways channel is interpreted as a deviation. Thus, Bitcoin generated a reversal signal and set course for $70,800. We do not consider the bearish trend finished. Short positions are more relevant than longs in the near term. Note the active bearish FVG on the daily chart, around which a sell signal was formed. On the 4-hour timeframe, two new bearish FVGs have formed; reactions to them may give traders opportunities to open new short positions.
Trading recommendations for ETH/USD:
The daily technical picture for Ether has changed. Ether made a significant upward impulse in June–September 2026 that could mark the start of a new long-term trend. However, at the same time, there is no confidence that Bitcoin's bear market has ended. If Bitcoin remains in a downtrend or even a flat, do not expect Ether to rally. Bitcoin has generated enough sell signals and bearish patterns on the daily chart to continue its decline. Therefore, we also expect Ether to fall, with targets near $1,850 and $1,391. On the 4-hour timeframe, two new bearish FVGs formed that traders can use to open short positions.
Explanations for illustrations:
- CHOCH—change of trend structure.
- Liquidity—liquidity, stop losses, and pending orders that market makers use to build positions.
- FVG—fair value gap. A price inefficiency area that price traverses quickly, indicating the absence of one side of the market; subsequently, price tends to return and react to such areas in continuation of the main trend.
- IFVG — inverted fair value gap. After returning to such an area, the price often does not react but impulsively breaks through and then tests from the other side.
- OB—order block. The candle where a market maker opened a position aiming to take liquidity to form a position in the opposite direction.