Bitcoin Price Trends Below $17,000, What’s Ahead For The Crypto King?
November 17 2022 - 12:01AM
NEWSBTC
The Bitcoin and crypto market has been volatile for most of 2022.
Judging from the prolonged bear market, most experts were
optimistic that it was close to an exit point. However, recent
trends in the crypto world and macro-financial activities have
prolonged the downtrend. The feds’ rate hike continues to affect
crypto assets adversely. XRP’s case with the SEC also has hurt
crypto holdings. With their recent victory over crypto giants LBRY,
the XRP case is viewed with anxiety. XRP and LBRY cases bear
striking similarities, although the XRP’s legal team has expressed
confidence in their chances. Related Reading: Tom Brady, Gisele
Bundchen, And Sam Bankman-Fried Sued Over FTX Collapse More
recently, FTX’s collapse has also sent investors into a withdrawal
frenzy, preferring to hold their assets. In addition, trust in
central exchanges is now at an all-time low and has called to
question the legitimacy of cryptocurrencies. In the past 24 hours,
prices of cryptocurrencies have significantly changed, with changes
recorded in most projects. Bitcoin’s Price Drama BTC price recorded
a brief bullish rally credited to the tweets of Elon Musk and
Binance’s CEO Changpeng Zhao. Zhao talked about creating an
industry recovery fund to help crypto projects that are strong but
face liquidity problems. This announcement comes on the heels of
the FTX disaster and Binance’s proposed bailout that was suspended.
Elon Musk had responded to a tweet from Michael Saylor about
converting his Tesla holdings to Bitcoin and its positive effect on
the Market. The Twitter exchange between the two entrepreneurs
created a brief rally for the world’s number one cryptocurrency.
Bitcoin’s price recorded an intraday high of $17,190. However, it
could not withstand the resistance and succumbed to bearish
pressure falling to $16,191 subsequently. BTC’s price has slightly
recovered and is currently trading at $16,713. The total market
capitalization for crypto is around the $890 billion mark. These
figures show a $10 billion increase in the market cap. However,
Bitcoin’s dominance took a hit and is currently at 36.6%. With the
current volatile market phase, investors will likely proceed
cautiously as events unravel. However, Bitcoin will likely lead the
rally if the prices recover in the coming days. Bitcoin Price
Performance Bitcoin’s recent price performance shows that the coin
is observing a price downtrend. The FTX collapse might also have
aided this downward spiral. Investors have gone short on losing
positions to cut losses and prevent total bankruptcy. Related
Reading: Bitcoin 7-Day Volatility Comes Alive As FTX Collapse
Shakes Market Bitcoin’s current support levels are at $16,265 and
$16,404.8. However, market volatility will have a say in Bitcoin
price, with the coin crossing the critical pivot point of 16541.7.
The MacD indicator clearly shows Bitcoin’s brief rally and descent
into a complete bearish phase. The volatility is high, and a risky
investment for investors since a further drop is still likely. The
SMA 50 and 200 also reflect the bearish trend of BTC and will
likely continue their descent on the chart. It is not likely that
bitcoin will go on a bullish spree. Featured image from Pixabay,
chart from TradingView.com
Mina (COIN:MINAUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024