Market Update (Nov. 20, 2022)
As of now, Bitcoin prices are continuing to trade within the same range, with a reduced level of volatility compared to the last couple of days. Ever since the price dropped below $20,000, the markets have dropped into a deep bearish well. Therefore, it has become increasingly important for the BTC price to be able to reclaim these levels in order to revive a bullish trend in the future.
But when will the star crypto rise above these levels? If yes at what levels, one can expect a firm rebound?
There have already been a couple of bear markets in the BTC price in the past, and each time a new bottom has been reached. Back in 2015 and 2018, the bear market had squeezed more than 80% from its interim highs. This was where the BTC price rally was triggered that roe high to mark new highs. Therefore, considering the previous price trends, the current bottom is predicted to be around $11,000.
On the other hand, Grayscale is believed to liquidate its BTC holdings as the U.S. Securities, under whose supervision it works, are likely to authorize a one-off redemption for Genesis to meet liquidity needs.
Collectively, Bitcoin price is expected to remain below $20,000 for a long time as the bearish could are set to hover for an extended period. Meanwhile, the bulls may try to keep up the price to some extent but eventually fail as many strong hands may remain away from the markets for a while.
Today's Winning and Losing Alts
- SONM - SNM (+3698.36%)
- Viberate - VIB (+265.48%)
- Pheonix - PHB (+108.10%)
- SafePal - SFP (-20.39%)
- Threshold - T (-16.81%)
- Voyager - VGX (-12.41%)
There hasn't been any significant change in the price of Bitcoin since yesterday, with the price only ranging between $150 over the past 24 hours.
On the 4h chart, we are currently losing this trendline and are hoping to regain it before the close of the market in two hours' time.
It is more likely that there will be a retest of $16.3 if a close below this occurs.
As you can see from the candlestick pattern, Ethereum is still highly volatile on a daily basis. Despite the price hike a few days ago, the price dropped dramatically to the $1,200 support level.
However, the price didn’t break through the support that became the new resistance level which means the movement might be sideways within the $1,200 – $960 range.
As a result, investors may need to wait and see if the right setup price pattern appears before deciding to invest.