Bitcoin price levels to watch as traders bet BTC below $14,000
Bitcoin bear market lows come in different shapes and sizes, but the price of BTC is likely to drop further, many analysts say.
Market news
Bitcoin (BTC) was flat at Wall Street's open on November 21 after a weekly close at levels not seen since late 2020.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering above $16,000 after falling below the level overnight.
Sentiment remained on a knife edge as rumors about crypto business conglomerate, Digital Currency Group (DCG) continued to swirl.
The concerns centered on the $10.5 billion investment vehicle, the Grayscale Bitcoin Trust (GBTC), with unsubstantiated talk of possible liquidity issues surfacing on social media.
>Coinbase, the custodian of GBTC, reportedly confirmed that its bitcoin holdings (over 635,000 BTC) were safe and present that day.
GBTC was just one of multiple potential victims of the ongoing collapse of the FTX exchange and its related businesses, however, and crypto prices remained highly sensitive on the matter.
Traders and analysts have therefore lined up to provide short-term BTC price targets, these being perhaps unsurprisingly mostly on the downside.
Anbessa: $14,600, $15,300, $17,580Popular Twitter commentator Anbessa explained that BTC/USD would then retest lower levels, but also offered a re-entry level if market strength returns.
Updating a Twitter discussion with an annotated chart, he pointed out that $14,600 was the "most primed" area to increase exposure to BTC.
"Time has passed, and the...
Bitcoin bear market lows come in different shapes and sizes, but the price of BTC is likely to drop further, many analysts say.
Market news
Bitcoin (BTC) was flat at Wall Street's open on November 21 after a weekly close at levels not seen since late 2020.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering above $16,000 after falling below the level overnight.
Sentiment remained on a knife edge as rumors about crypto business conglomerate, Digital Currency Group (DCG) continued to swirl.
The concerns centered on the $10.5 billion investment vehicle, the Grayscale Bitcoin Trust (GBTC), with unsubstantiated talk of possible liquidity issues surfacing on social media.
>Coinbase, the custodian of GBTC, reportedly confirmed that its bitcoin holdings (over 635,000 BTC) were safe and present that day.
GBTC was just one of multiple potential victims of the ongoing collapse of the FTX exchange and its related businesses, however, and crypto prices remained highly sensitive on the matter.
Traders and analysts have therefore lined up to provide short-term BTC price targets, these being perhaps unsurprisingly mostly on the downside.
Anbessa: $14,600, $15,300, $17,580Popular Twitter commentator Anbessa explained that BTC/USD would then retest lower levels, but also offered a re-entry level if market strength returns.
Updating a Twitter discussion with an annotated chart, he pointed out that $14,600 was the "most primed" area to increase exposure to BTC.
"Time has passed, and the...
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