Bitcoin prediction as the token continues to stall. Is a lower price possible?

2022-11-16 20:20

Bitcoin (BTC/USD) may have settled above $15,000, but the pressure is mounting. As of press time, the cryptocurrency was trading at $16,623, losing 1.32% on the day. BTC is also largely consolidating rather than making a directional move. A technical outlook shows a potential decline to the next low.

Bitcoin’s price action comes when data shows that BTC holders are withdrawing their holdings from crypto exchanges. According to Glassnode, there is over $1.75 billion per month of mass exodus of Bitcoin from exchanges. The withdrawals come after the collapse of the crypto exchange FTX.

Further, Glassnode data shows investors are flooding exchanges with dollar-pegged digital assets. More than $1.04 billion worth of stablecoins flowed into exchanges after the FTX fiasco. The rising suggests that investors are gearing up to buy the dip as most cryptocurrencies tanked.

An increase in stablecoins flowing to the exchanges preempts investors’ expectations. However, it does not indicate that we have hit the market bottom. From the BTC perspective, this is illustrated by increasing bear pressure for the cryptocurrency. 

BTC analysis as price stalls below key level

BTC/USD Chart by TradingView

On the weekly chart outlook, BTC has a confirmed break below the $19,500 level. The MACD indicator shows the cryptocurrency is bearish. The momentum is also weakening further. 

Will Bitcoin proceed lower?

The current BTC price level could fail to hold due to weak momentum. The price also trades at a non-support zone, meaning the cryptocurrency is yet to settle.

Based on the technical indicators, a lower price is possible for BTC. The next established support for BTC lies lower at $11,000. However, the level around $14,000 has shown price action before and could provide support for BTC. 

Where to buy BTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy BTC with Coinbase today Disclaimer

The post Bitcoin prediction as the token continues to stall. Is a lower price possible? appeared first on CoinJournal.

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Источник: coinjournal.net

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