{"id":509587,"date":"2022-11-21T19:36:13","date_gmt":"2022-11-21T19:36:13","guid":{"rendered":"https:\/\/uniquehot.com\/?p=509587"},"modified":"2024-06-11T14:28:27","modified_gmt":"2024-06-11T14:28:27","slug":"why-the-bitcoin-price-has-a-high-chance-of-resting-at-16000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-the-bitcoin-price-has-a-high-chance-of-resting-at-16000\/","title":{"rendered":"Why The Bitcoin Price Has A High Chance Of Resting At $16,000"},"content":{"rendered":"<p><strong><span data-preserver-spaces=\"true\">The Bitcoin price is trending to the downside and seems on track to retest its yearly lows at $15,550. The nascent asset class is facing the fallout of the FTX&#8217;s collapse. Once the world&#8217;s second-largest crypto trading platform, the company filed for bankruptcy protection.\u00a0<\/span><\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/breaking-news-ticker\/ftx-hacker-mobilizes-ethereum-again-lock-and-loaded-for-the-dump\/\" target=\"_blank\" rel=\"noopener \">FTX Hacker Mobilizes Ethereum Again, Lock And Loaded For The Dump?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">As of this writing, the Bitcoin price is seeing massive selling pressure. The cryptocurrency trades at $15,900 with a 4% and 2% loss in low and higher timeframes. BTC has been more stable than other assets in the crypto top 10 by market cap.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In contrast, Ethereum (ETH) recorded a 10% loss over the previous week, while Cardano (ADA) and Dogecoin (DOGE) recorded a 9% and 14% loss, respectively, over the same period. Other cryptocurrencies follow this trend except for XRP, which still maintains some profits.\u00a0<\/span><\/p>\n<figure id=\"attachment_509613\" aria-describedby=\"caption-attachment-509613\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-509613 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/Bitcoin-price-BTC-BTCUSDT.png?resize=860%2C376\" alt=\"Bitcoin price BTC BTCUSDT\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-509613\" class=\"wp-caption-text\">BTC&#8217;s price trends to the downside on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/1GNYms9y\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>Low Volume Week Could Be An Obstacle For The Bitcoin Price<\/h2>\n<p><span data-preserver-spaces=\"true\">The general sentiment in the market seems biased toward another flash crash. However, the U.S. market might become less active in the coming days.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The country will begin its Christmas-related holidays this week when its citizen celebrates Thanksgiving Day. Thus, the market might see low trading volumes.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to an <a href=\"https:\/\/twitter.com\/MI_Algos\/status\/78390529\" target=\"_blank\" rel=\"noopener nofollow\">analyst<\/a> from Material Indicators, the long holiday week might extend the losses in the Bitcoin price and the crypto market, especially these days of heavy pessimist sentiment and negative news in the nascent asset class:<\/span><\/p>\n<blockquote><p>Note, it&#8217;s a holiday week in the U.S. so volume may be light. Could see some Q4 tax loss harvesting in TradFi contributing to the downward momentum in Crypto fueled by FTXscam contagion related FUD.<\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">The analyst shared the image below and showed crypto exchange Binance&#8217;s orderbook. On this trading venue, the bid (buy) side seems thicker.\u00a0<\/span><\/p>\n<figure id=\"attachment_509615\" aria-describedby=\"caption-attachment-509615\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-509615 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/Bitcoin-price-BTC-BTCUSDT-Chart-2.jpg?resize=860%2C494\" alt=\"Bitcoin price BTC BTCUSDT Chart 2\" width=\"860\" height=\"494\"><figcaption id=\"caption-attachment-509615\" class=\"wp-caption-text\">Source: Material Indicators via Twitter<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">At the time of writing and on higher timeframes, many more buying orders could operate as support for the Bitcoin price. In that sense, Material Indicators and others believe the crypto market is bound for sideways price action.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This theory could be invalidated if there is new negative news related to FTX&#8217;s collapse or the contagion wrecking-havoc across the industry. According to rumors circulating across social media platforms, there is a high risk of a major crypto company filing for bankruptcy in the coming days.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-holders-selling-large-losses-final-capitulation\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Holders Selling At Large Losses, Is Final Capitulation Here?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The macroeconomic landscape is improving, with U.S. inflation finally peaking. Per Fidelity&#8217;s Macro analyst Jurrien Timmer, this inflation peak will positively impact the markets. The crypto market might rebound if the bulls can defend the current range and the previous yearly lows.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Eye on 2023: If Inflation has peaked for this cycle (on a rate of change basis), we should reach \u201cPeak Fed\u201d of around 5% in the next quarter or two. After a relentless moving of the monetary goal posts this year, that should at least provide some level of clarity. <a href=\"https:\/\/t.co\/rGaZRNfaQK\" rel=\"nofollow\">pic.twitter.com\/rGaZRNfaQK<\/a><\/p>\n<p>\u2014 Jurrien Timmer (@TimmerFidelity) <a href=\"https:\/\/twitter.com\/TimmerFidelity\/status\/09584128?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 21, 2022<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price is trending to the downside and seems on track to retest its yearly lows at $15,550. The nascent asset class is facing the fallout of the FTX&#8217;s collapse. Once the world&#8217;s second-largest crypto trading platform, the company filed for bankruptcy protection.\u00a0 Related Reading: FTX Hacker Mobilizes Ethereum Again, Lock And Loaded For The Dump? As of this writing, the Bitcoin price is seeing massive selling pressure. The cryptocurrency trades at $15,900 with a 4% and 2% loss in low and higher timeframes. BTC has been more stable than other assets in the crypto top 10 by market cap.\u00a0 In contrast, Ethereum (ETH) recorded a 10% loss over the previous week, while Cardano (ADA) and Dogecoin (DOGE) recorded a 9% and 14% loss, respectively, over the same period. Other cryptocurrencies follow this trend except for XRP, which still maintains some profits.\u00a0 Low Volume Week Could Be An Obstacle For The Bitcoin Price The general sentiment in the market seems biased toward another flash crash. However, the U.S. market might become less active in the coming days.\u00a0 The country will begin its Christmas-related holidays this week when its citizen celebrates Thanksgiving Day. Thus, the market might see low trading volumes.\u00a0 According to an analyst from Material Indicators, the long holiday week might extend the losses in the Bitcoin price and the crypto market, especially these days of heavy pessimist sentiment and negative news in the nascent asset class: Note, it&#8217;s a holiday week in the U.S. so volume may be light. Could see some Q4 tax loss harvesting in TradFi contributing to the downward momentum in Crypto fueled by FTXscam contagion related FUD. The analyst shared the image below and showed crypto exchange Binance&#8217;s orderbook. On this trading venue, the bid (buy) side seems thicker.\u00a0 At the time of writing and on higher timeframes, many more buying orders could operate as support for the Bitcoin price. In that sense, Material Indicators and others believe the crypto market is bound for sideways price action.\u00a0 This theory could be invalidated if there is new negative news related to FTX&#8217;s collapse or the contagion wrecking-havoc across the industry. According to rumors circulating across social media platforms, there is a high risk of a major crypto company filing for bankruptcy in the coming days.\u00a0 Related Reading: Bitcoin Holders Selling At Large Losses, Is Final Capitulation Here? The macroeconomic landscape is improving, with U.S. inflation finally peaking. Per Fidelity&#8217;s Macro analyst Jurrien Timmer, this inflation peak will positively impact the markets. The crypto market might rebound if the bulls can defend the current range and the previous yearly lows.\u00a0 Eye on 2023: If Inflation has peaked for this cycle (on a rate of change basis), we should reach \u201cPeak Fed\u201d of around 5% in the next quarter or two. After a relentless moving of the monetary goal posts this year, that should at least provide some level of clarity. pic.twitter.com\/rGaZRNfaQK \u2014 Jurrien Timmer (@TimmerFidelity) November 21, 2022<\/p>\n","protected":false},"author":535,"featured_media":508925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-509587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Why The Bitcoin Price Has A High Chance Of Resting At $16,000<\/title>\n<meta name=\"description\" content=\"The Bitcoin price is trending to the downside and on track to retest its lows at $15,550. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/uniquehot.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Why The Bitcoin Price Has A High Chance Of Resting At $16,000","description":"The Bitcoin price is trending to the downside and on track to retest its lows at $15,550. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why The Bitcoin Price Has A High Chance Of Resting At $16,000","url":"http:\/\/uniquehot.com\/news\/why-the-bitcoin-price-has-a-high-chance-of-resting-at-16000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/why-the-bitcoin-price-has-a-high-chance-of-resting-at-16000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/bitcoin-gf156b0c72_1280-350x350-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/bitcoin-gf156b0c72_1280-350x350-1.jpeg?fit=350%2C350"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2022-11-21T19:36:13Z","datePublished":"2022-11-21T19:36:13Z","dateModified":"2024-06-11T14:28:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why The Bitcoin Price Has A High Chance Of Resting At $16,000\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-the-bitcoin-price-has-a-high-chance-of-resting-at-16000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-the-bitcoin-price-has-a-high-chance-of-resting-at-16000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/bitcoin-gf156b0c72_1280-350x350-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/bitcoin-gf156b0c72_1280-350x350-1.jpeg?fit=350%2C350\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2022-11-21T19:36:13Z\",\"datePublished\":\"2022-11-21T19:36:13Z\",\"dateModified\":\"2024-06-11T14:28:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/bitcoin-gf156b0c72_1280-350x350-1.jpeg?fit=350%2C350","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/509587"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=509587"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/509587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/508925"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=509587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=509587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=509587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}