Even though Bitcoin has had bad luck, big investors still hold on to it. According to statistics, investors are taking advantage of the chance to “buy the dip” in Bitcoin prices. Bitcoin’s (BTC) new week is off to a bad start after its lowest weekly closing price in the last two years. If you are looking for a fantastic tool for trading and investment, visit bitcoin-motion.software.
The collapse of the FTX exchange a week ago, which caused the most prominent cryptocurrency to lose a lot of money, has made it hard for it to get back on its feet. Most people are very worried, and some of the most well-known experts are warning that what happened last week has set it for many years.
At the same time, Bitcoin kept doing what it always did. The network has been through disasters like FTX before, and despite everything, it is still as strong as before.
As the average Bitcoin holder tries to make sense of recent significant losses and ongoing volatility, Cointelegraph looks at the factors that are likely to affect the price of Bitcoin in the next few days.
The market for cryptocurrencies is getting ready for FTX to have more effects.
Even though it’s hard to say much for sure about the current state of the cryptocurrency market, FTX and the events that followed it are the main reasons why the price of bitcoin is so unstable.
When it comes to FTX, the story is far from being over. Businesses that do business with the exchange or that depend on it are in a tough spot.
Commentators say that due to the ripple effects, more and more crypto names will be forced out of business in the coming days and weeks. For this reason, there might be more than one show.
Earlier in the day, many more people withdrew money from Crypto.com and Gate.io. This made investors worry that the exchange might be the next one where people rush to get their money back, which is called a “bank run.”
The on-chain analytics company CryptoQuant says that 1,500 BTC were moved out of Gate.io on November 13. About 800 BTC have been moved out of Gate.io, which keeps increasing.
In a larger sense, the data showed that the BTC reserves of exchanges were around 2.09 million BTC. But CryptoQuant said that this number might not reflect how things are right now because of the chaos.
Bitcoin goes up from $15,700 because Elon Musk believes in digital currency.
Because it is hard to guess what the price of bitcoin will be, trying to do so is a challenging task.
When analyst Matthew Hyland looked at the moving average convergence divergence (MACD), he warned that the 3-day chart for BTC/USD was about to show a bearish setup that had happened twice before in 2022 and caused losses both times.
Hyland did say, though, that it took Bitcoin a little more than a year to find a macro price bottom after the initial shock of the Mt. Gox hack in 2014.
He then said that FTX trading had continued for even 11 days. In the meantime, an expert named Il Capo of Crypto noted that the market was ready for a “final surrender” and might happen sooner rather than later.
In a series of tweets, he said this would first happen as a “bull trap,” followed by a firm rejection that would send the market to new lows. He said that, on average, cryptocurrencies would lose between 40 and 50 percent of their value.
He said, “Nice breakout, but if we can’t hold the swing low around $16,400, this was just a fake out, and we wait for a test lower.” This was because the price went up from the day’s low of $15,780. This was about the price of a bitcoin.
