BTC price holds $16K as analyst says Bitcoin fundamentals 'unchanged'

Bitcoin (BTC) lingered adjacent $16,500 astatine the Nov. 23 Wall Street unfastened arsenic United States markets awaited Thanksgiving cues.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Grayscale, GBTC inactive predominate crypto mood

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shunning volatility aft fresh two-year lows the time prior.

The brace near analysts guessing the time earlier U.S. markets closed for the Thanksgiving holiday, with crypto commentators inactive focused connected Digital Currency Group (DCG).

Potential liquidity problems with DCG-owned Genesis Trading continued to agitate those already expecting further losses crossed Bitcoin and altcoins.

As Cointelegraph reported, concerns had already dispersed to uncertainty the aboriginal of the Grayscale Bitcoin Trust (GBTC), the largest Bitcoin organization concern conveyance with assets nether absorption worthy implicit $10 billion.

On Nov. 22, Grayscale’s ex-CEO, Barry Silbert, released a missive to DCG shareholders, widely shared connected societal media, seeking to enactment up morale.

“Not definite however to construe the mixed reports astir DGC, GENESIS, Grayscale, but Barry Silbert 's missive yesterday gave the crypto marketplace immoderate hopium,” analytics assets Material Indicators wrote successful portion of a Twitter thread connected the day.

It added that announcements connected GBTC could nevertheless travel aft hours successful a imaginable volatility catalyst.

An accompanying illustration of bargain and merchantability unit connected largest planetary speech Binance showed beardown absorption successful spot astatine conscionable beneath $17,000.

On the bargain side, lone $15,000 presented immoderate coagulated enactment astatine the clip of writing, with the bulk astatine $14,000.

BTC/USD bid publication information (Binance). Source: Material Indicators/ Twitter

"Never person seen sentiment this bad"

Commenting connected the wide authorities of the crypto marketplace aft the FTX debacle, meanwhile, fashionable commentator William Clemente said that sentiment should not beryllium confused with Bitcoin's underlying strength.

Related: Bitcoin whitethorn request $1B much on-chain losses earlier caller BTC terms bottom

"Never person seen sentiment this bad," helium acknowledged.

"Concerns astir each centralized institution successful the industry, radical giving up, losing hope, depression. Meanwhile the fundamentals of Bitcoin are wholly unchanged. Posting this to revisit erstwhile BTC is pushing to caller highs successful a fewer years."

According to classical yardstick, the Crypto Fear & Greed Index, determination was nevertheless country to fall, with a people of 22/100 inactive much than treble that which traditionally accompanies carnivore marketplace bottoms.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

"The connection dormant has been rapidly circulating astir crypto platforms successful November," probe steadfast Santiment added successful insights of its ain connected Nov. 22.

"As 1 of the much bearish sentiment words, this is simply a motion of traders giving up connected markets rebounding. Ironically, this capitulation is historically erstwhile markets rebound."

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