empty
21.11.2022 03:42 PM
Bitcoin to retest local bottom: is it worth waiting for the final capitulation?

Bitcoin spent the weekend in relative stability and did not leave the $15.7k–$17.2k range. However, the price consolidation took place with a slight bearish dominance, which led to a breakdown of the key support area of $16.2k on Sunday.

Over the past 24 hours, the main cryptocurrency has fallen 2.5% and is trading near the $16k psychological support level. Bitcoin is close to the retest of the local bottom at $15.7k, which is fraught with another wave of capitulation.

Fundamental problems in the market

It is important to emphasize that investors continue to digest the collapse of FTX. Genesis and Gemini are reporting withdrawal suspensions due to liquidity issues. Binance is considering a buyout of companies, but this does not inspire optimism in the market.

Another worrisome wave swept the crypto market after Grayscale, the largest Bitcoin trust, refused to publish reports on its reserves. There have been rumors that the company is also experiencing financial difficulties due to the collapse of FTX and the update of Bitcoin's local bottom.

This image is no longer relevant

Grayscale shares are trading 43% below the current value of BTC as of November 21, but the market is in no hurry to buy at discounts. This confirms the undermined confidence of institutional investors in the cryptocurrency market.

In addition, Grayscale affiliate DCG lost large amounts of money during the collapse of LUNA and now FTX. Despite this, there is no clear evidence of Grayscale's problems, but given the realities, this is enough for investors to lose interest in digital assets.

This image is no longer relevant

At the same time, Panter Capital reported that the fund bought $137 million worth of Bitcoins. The deal was attended by 141 investors with a minimum investment of $50,000. The fund believes that by 2024, Bitcoin will resume its bullish rally after halving and set a new value record.

In addition to fundamental factors, the main cryptocurrency continues to be under pressure from miners. After the next recalculation of the complexity of BTC mining, the indicator increased by 0.51% and is near the maximum levels.

This image is no longer relevant

For miners, this is a wake-up call, as the cost of mining cryptocurrencies is rising, while income remains low or even falling. Miners have sold 135% of their holdings over the past week, according to Glassnode reporting. This means that Bitcoin mining companies sell at least 315 BTC daily.

This image is no longer relevant

IntoTheBlock also informs that Bitcoin finally broke the correlation with stock indices due to the collapse of FTX. As of Nov. 21, the BTC–SPX correlation has fallen to -0.58, according to the analytical publication. This means that the cryptocurrency goes free-floating without (conditional) support/benchmark in the form of the stock market.

This image is no longer relevant

CoinMetrics also reports that over the past week, investors have withdrawn more than 120,000 BTC and 1.4 million ETH from exchanges. It is important to note that far from 100% of these volumes are redirected to cold wallets. Part of the reserves of BTC and ETH are being sold and putting pressure on the price of cryptocurrencies.

BTC/USD Analysis

On the daily chart of the cryptocurrency, the price is still being pressed into the "triangle" figure. Decreased volatility and trading volumes confirm investors' wait-and-see attitude. The publication of Fed's plans for further monetary policy will likely become a catalyst for the BTC price to move out of the $15.7k–$17.2k range.

This image is no longer relevant

Technical indicators of the cryptocurrency also point to the preservation of the sideways trend in the next few days. At the same time, we should expect a systematic decrease in the price of BTC to the support area of $15.7k–$15.9k. If buyers manage to protect this boundary, the price will go to the range of $16.7k–$17k.

Results

Market sentiment remains tense, and the aftertaste of the FTX bankruptcy continues to weigh on investors. The psychological state of the players also indicates that the point of no return has been reached.

This image is no longer relevant

On the one hand, the price of BTC has fallen quite low, but on the other hand, the collapse of FTX stops investors from buying off the bottom and makes them expect a further fall. Given these factors, we should expect the final decline of BTC below $15k in the next two weeks of November.

The obvious and the first signal to reach the bottom will be the formation of a V-shaped fall, followed by a rapid buyout. Until then, BTC will continue to consolidate within $15.7k–$17.2k and wait for the right moment to break out of the range.

Pilih carta masa
5
min
15
min
30
min
1
jam
4
jam
1
hari
1
minggu
Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN

Artikel yang dicadangkan

Ethereum Jatuh. Bitcoin Kurang Terjejas

Walaupun pelancaran naik taraf ujian Pectra yang berjaya di ujian rangkaian baharu Hoodi—berkemungkinan langkah terakhir sebelum melancarkan kemas kini ke rangkaian utama Ethereum yang bertujuan untuk meningkatkan kebolehskalaan, pegangan

Jakub Novak 08:01 2025-03-28 UTC+2

Tip Dagangan untuk pasaran kripto pada 28 Mac

Bitcoin dan Ethereum sedang bergelut untuk terus bertahan. Usaha Bitcoin yang gagal sekali lagi untuk kekal di paras $88,000 menyebabkan ia dijual semasa sesi dagangan Asia hari ini. Ethereum mengalami

Miroslaw Bawulski 07:34 2025-03-28 UTC+2

Rang Undang-Undang Peraturan Kripto AS Bergerak Maju dengan Pantas

Penggubal undang-undang di AS sedang bergerak pantas untuk meluluskan undang-undang yang bertujuan mengawal selia aset digital. Pengundian bagi rang undang-undang stablecoin dan versi disemak semula bagi rang undang-undang struktur pasaran

Jakub Novak 10:52 2025-03-27 UTC+2

Analisis BTC/USD. 27 Mac. Bitcoin kekurangan potensi pertumbuhan

Struktur gelombang pada carta 4 jam BTC/USD adalah agak jelas. Selepas menyempurnakan aliran menaik yang terdiri daripada lima gelombang penuh, satu fasa pembetulan menurun telah bermula dan kini mengambil bentuk

Chin Zhao 08:31 2025-03-27 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 27 Mac

Bitcoin dan Ethereum menghadapi cabaran dalam mengekalkan momentum kenaikan mereka. Walau bagaimanapun, ini nampaknya lebih kepada reaksi terhadap kenyataan politik terkini Donald Trump—yang menyebabkan penurunan permintaan untuk aset berisiko—daripada sesuatu

Miroslaw Bawulski 08:06 2025-03-27 UTC+2

Analisis Teknikal Pergerakan Harga Intraday Matawang Kripto Ethereum, Khamis 27 Mac 2025.

Sekiranya dalam beberapa hari akan datang tiada pengukuhan ketara berlaku—terutamanya jika harga gagal menembusi dan ditutup di atas paras 2549.05 pada carta harian Ethereum—maka ini adalah petunjuk bahawa Ethereum akan

Arief Makmur 06:36 2025-03-27 UTC+2

Analisis Teknikal Pergerakan Harga Harian Matawang Kripto Filecoin, Khamis 27 Mac 2025.

Dengan berjaya menembusi garis bawah saluran Rising Wedge mata wang kripto Filecoin pada carta 4-jamnya dan pergerakan harganya kini tersekat di EMA (21) yang turut mempunyai cerun ke bawah, berdasarkan

Arief Makmur 06:36 2025-03-27 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 26 Mac

Bitcoin dan Ethereum terus menunjukkan pertumbuhan aktif tetapi berdepan cabaran dalam mengatasi paras rintangan utama. Semalam, Bitcoin mengalami penurunan selepas mencapai $88,400 dan kini didagangkan sekitar $87,600. Ethereum juga mengalami

Miroslaw Bawulski 08:22 2025-03-26 UTC+2

Mengapa Kejatuhan Bitcoin Masih Belum Berakhir

Walaupun pasaran mata wang kripto telah mencatatkan pertumbuhan baru-baru ini, prospek kenaikan yang lebih besar dan kemungkinan Bitcoin kembali ke paras $100,000 masih dianggap tidak realistik buat masa ini. Perkara

Jakub Novak 10:00 2025-03-25 UTC+2

Cadangan Dagangan untuk Pasaran Kripto pada 25 Mac

Bitcoin dan Ethereum telah mencapai tahap yang penting tetapi gagal mengekalkannya. Bitcoin naik ke $88,600 sebelum mengalami penarikan semula dan kini didagangkan sekitar $86,600. Ethereum juga mengalami pembetulan selepas satu

Miroslaw Bawulski 08:26 2025-03-25 UTC+2
Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula Widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.