Bitcoin price levels to watch as traders bet on sub-$14K BTC

1 year ago

Bitcoin (BTC) held dependable astatine the Nov. 21 Wall Street unfastened pursuing a play adjacent astatine levels not seen since precocious 2020.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering supra $16,000 aft dipping beneath the level overnight.

Sentiment remained connected a weapon borderline arsenic rumors implicit crypto concern conglomerate, Digital Currency Group (DCG) continued to swirl.

Concerns focused connected the $10.5 cardinal concern vehicle, the Grayscale Bitcoin Trust (GBTC), with unsubstantiated speech of imaginable liquidity problems surfacing crossed societal media.

Coinbase, the GBTC custodian, reportedly confirmed its Bitcoin holdings — implicit 635,000 BTC — were harmless and contiguous connected the day.

GBTC was conscionable 1 of aggregate imaginable victims successful the ongoing meltdown of speech FTX and its related businesses, however, and crypto prices remained highly delicate to the topic.

Traders and analysts frankincense lined up to present short-term BTC terms targets, these possibly unsurprisingly being mostly to the downside.

Anbessa: $14,600, $15,300, $17,580

Popular Twitter commentator Anbessa laid retired the lawsuit for BTC/USD retesting little levels next, but besides offered a reentry level should marketplace spot return.

Updating a Twitter treatment with an annotated chart, helium highlighted $14,600 arsenic a “most primed” country to summation BTC exposure.

“Time has passed, and the program hasn't changed. The re-entry is simply a spot little present (descending trendline support),” helium summarized successful accompanying comments.

If Bitcoin were to halt its descent now, Anbessa said that a reentry constituent would beryllium conscionable beneath $17,600 — the tract of June’s erstwhile macro low. BTC/USD would request to flip it to enactment for the strategy to beryllium valid.

The London Crypto: $12,000, $175,000

Like respective others, The London Crypto, spouse of speech ByBit, believes that the eventual carnivore marketplace debased lies astir $12,000 for Bitcoin.

He arrived astatine the calculation utilizing humanities drawdowns from all-time highs.

For each rhythm low, determination is simply a high, however, and optimistic The London Crypto was not shy astir predicting the bully times returning astir Bitcoin’s adjacent artifact subsidy halving.

“BTC has made a 77% correction successful this carnivore market, compared to 84% successful 2013 and 83% successful 2017,” helium noted.

“Studying our erstwhile cycles precocious vs lows, we tin estimation the debased for this carnivore to beryllium the $10k-$12k range, followed by a precocious of $175k successful 2024-2025.”

Sheldon the Sniper: $12,000-$13,000

His sentiment was shared by Sheldon the Sniper connected the day, who gave a unsmooth people of $12,000-$13,000.

A bounce past $18,000 would trigger “offloading” of his BTC portfolio, a further tweet stated, with respective downside targets crystalizing astatine the aforesaid time.

These came successful the signifier of assorted enactment zones astatine $14,013, $12,846, $11,747 and $10,594.

“Drop whitethorn hap earlier offload portion but lets see,” helium added.

Rekt Capital: Key play levels

Analyst Rekt Capital meantime flagged important enactment and absorption zones successful the signifier of closing prices connected the play chart.

At $16,250, BTC/USD closed its latest play candle implicit $1,000 beneath “key resistance” astatine $17,322, helium warned.

Uploading a summary chart, further important levels were $13,910 to the downside and $23,300 to the upside.

“New BTC Weekly Close occurs beneath the cardinal resistance,” helium noted.

“Price has performed a tiny rejection but nary important downside follow-through arsenic of yet.”

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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