Bitcoin daily chart Nov 11

Bitcoin has come under some fresh pressure in the last hour and is trading at the US lows, down $540 to $16,219.

There's an epic battle ongoing between those expecting more bad news and liquidations and those who think the market has survived the worst. For bitcoin, there are also some flows into the relative safety of BTC from altcoins.

Earlier today there was something of a rally in crypto after Binance CEO Changpeng Zhao wrote:

To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.

To some that's a sign of a strong hand, to others it's reminiscent of the FTX rescues after the previous crypto crisis. Chanpeng also said that redemptions from Binance have only ticked up slightly, which is hard to believe.

Most eyes are on at the moment after a botched ETH transfer. That isn't exactly inspiring confidence.