Edward Snowden says he feels ‘itch to scale back in’ to $16.5K Bitcoin

Bitcoin (BTC) returned to $16,500 on the Nov. 14 Wall Avenue open as bulls tried and failed to interrupt increased.

Snowden hints BTC worth echoes March 2020

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD ranging under $17,000 on the day after a dismal weekly shut.

The most important cryptocurrency had failed to point out convincing indicators of restoration after dropping greater than 25% the week prior due to the debacle round change FTX.

That debacle was ongoing on the time of writing, with revelations fanning out to incorporate different companies with significant exposure to the defunct exchange.

“Markets consolidating,” Michaël van de Poppe, founder and CEO of trading platform Eight, summarized.

“Would assume we’d be at $10K truly, after the horrible information we’ve obtained previous weeks.”

Dealer and analyst Rekt Capital, in the meantime, warned of support-resistance flips within the making due to the weekly shut, Bitcoin’s lowest in two years.

“These are BTC Month-to-month ranges proven on the Weekly timeframe,” he tweeted alongside a chart of essential focal ranges.

“From this chart, we will see that $BTC has carried out a brand new Weekly Shut under the Month-to-month degree of ~$17300. Preliminary indicators of this degree flipping into new resistance this week.”

Different posts on the day warned of the potential for “further draw back wicking” on BTC/USD whereas noting that traditionally, prior bear markets had been nonetheless worse when it comes to the pair’s descent from cycle highs.

An attention-grabbing counterpoint got here from Edward Snowden. In a tweet of his personal, he signaled that he could be a BTC purchaser at present ranges, a sentiment he final publicly posted after the March 2020 COVID-19 cross-market crash.

“There’s nonetheless a variety of hassle forward, however for the primary time shortly I’m beginning to really feel the itch to cut back in,” he acknowledged.

A second tweet stressed that the earlier one was “not monetary recommendation.”

The greenback offers a “excellent” path to BTC upside

Shares provided little respite to crypto bulls on the day, with the S&P 500 and Nasdaq Composite Index down 0.3% and 0.8%, respectively, through the first hour.

Associated: Elon Musk says BTC ‘will make it’ — 5 issues to know in Bitcoin this week

The U.S. greenback index (DXY) continued consolidation of its personal whereas refusing so as to add to the prior weeks’ vital retracement.

Popular trading account Game of Trades noted that the day by day chart’s relative energy index (RSI) for the DXY had set a brand new report low for 2022.

“SPX is exhibiting energy and DXY is crashing,” a hopeful Bloodgood, one other well-known Twitter dealer, wrote in a part of a recent replace on the day.

“Excellent scenario to see some upside.”

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