Traders Are Undecided as BTC Consolidates Above $16K

Bitcoin Trades Marginally as BTC Consolidates Above 16K – November 27, 2022

The BTC/USD price has been moving in the same direction as BTC consolidates above $16K. The rising movement was resisted on November 24 when Bitcoin’s sideways movement resumed. Bitcoin is now trading in a constrained range between $15,588 and $17,000.

Bitcoin Price Statistics Data:•Bitcoin price now – $16,541.70•Bitcoin market cap – $317,908,468,811•Bitcoin circulating supply – 19,218,050.00 BTC•Bitcoin total supply – $347,201,540,935•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000 Support Levels: $25,000, $20,000, $15,000

On November 24, the price of Bitcoin (BTC) increased but encountered resistance at the high of $16,800. The biggest cryptocurrency has been bouncing about below the $17,000 resistance level for the last four days. In other words, the price of BTC fluctuates within a small range of $16,000 to $17,000. As the price continues to fluctuate, a comeback or breakout is likely to occur. If Bitcoin recovers, the price of BTC will breach the resistance levels between $17,200 and $18,000. The upward trend will continue to the $20,000 high. Bitcoin, on the other hand, is vulnerable to a decline because it is in a bearish trend zone. If the 21-day line SMA rejects Bitcoin, the selling pressure will pick back up. Once the bears breach below the $15,588 support, the downturn will start.

A Bitcoin Wallet Linked to the MT. Gox Attack Lost 10,000 BTC

On November 23, 10,000 BTC, which are presently valued at over $165 million, were transferred from a crypto wallet that belonged to the shuttered cryptocurrency exchange BTC-e to other exchanges, individual wallets, and other sources. While this withdrawal is the largest made by BTC-e since April 2018, a Chainalysis report on November 23 suggested that BTC-e and WEX, an exchange that is believed to be BTC-successor, e’s both sent small amounts of BTC to Russian electronic payments service Webmoney on October 26 before making a test payment on November 11 and sending out an additional 100 BTC on November 21. The remaining BTC is thought to have been moved through middlemen and ended up at four deposit addresses on two prominent exchanges, leaving 9,950 BTC of the total given amount believed to still be in individual wallets.

Bitcoin’s (BTC) price reaches bearish exhaustion as BTC consolidates above $16K. The price of Bitcoin is not trending since there are Doji candlesticks, which have a limited body and uncertainty. Bitcoin is anticipated to continue moving in a range as long as Doji candlesticks are dominating the market action.

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