• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
bitcoin

Bitcoin Price Trends Below $17,000, What’s Ahead For The Crypto King?

Denis by Denis
3 months ago
in Uncategorized
Advertisement
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The Bitcoin and crypto market has been volatile for most of 2022. Judging from the prolonged bear market, most experts were optimistic that it was close to an exit point. However, recent trends in the crypto world and macro-financial activities have prolonged the downtrend.

The feds’ rate hike continues to affect crypto assets adversely. XRP’s case with the SEC also has hurt crypto holdings. With their recent victory over crypto giants LBRY, the XRP case is viewed with anxiety.

XRP and LBRY cases bear striking similarities, although the XRP’s legal team has expressed confidence in their chances.

Related Reading: Tom Brady, Gisele Bundchen, And Sam Bankman-Fried Sued Over FTX Collapse

More recently, FTX’s collapse has also sent investors into a withdrawal frenzy, preferring to hold their assets. In addition, trust in central exchanges is now at an all-time low and has called to question the legitimacy of cryptocurrencies.

In the past 24 hours, prices of cryptocurrencies have significantly changed, with changes recorded in most projects.

Bitcoin’s Price Drama

BTC price recorded a brief bullish rally credited to the tweets of Elon Musk and Binance’s CEO Changpeng Zhao. Zhao talked about creating an industry recovery fund to help crypto projects that are strong but face liquidity problems.

This announcement comes on the heels of the FTX disaster and Binance’s proposed bailout that was suspended.

Elon Musk had responded to a tweet from Michael Saylor about converting his Tesla holdings to Bitcoin and its positive effect on the Market. The Twitter exchange between the two entrepreneurs created a brief rally for the world’s number one cryptocurrency.

Bitcoin’s price recorded an intraday high of $17,190. However, it could not withstand the resistance and succumbed to bearish pressure falling to $16,191 subsequently. BTC’s price has slightly recovered and is currently trading at $16,713.

The total market capitalization for crypto is around the $890 billion mark. These figures show a $10 billion increase in the market cap. However, Bitcoin’s dominance took a hit and is currently at 36.6%.

With the current volatile market phase, investors will likely proceed cautiously as events unravel. However, Bitcoin will likely lead the rally if the prices recover in the coming days.

Bitcoin Price Performance

Bitcoin’s recent price performance shows that the coin is observing a price downtrend. The FTX collapse might also have aided this downward spiral. Investors have gone short on losing positions to cut losses and prevent total bankruptcy.

Related Reading: Bitcoin 7-Day Volatility Comes Alive As FTX Collapse Shakes Market

Bitcoin’s current support levels are at $16,265 and $16,404.8. However, market volatility will have a say in Bitcoin price, with the coin crossing the critical pivot point of 16541.7.

Bitcoin Price Trends Below $17,000, What's Ahead For The Crypto King?
Bitcoin price declines by 1% on the candle l BTCUSDT on Tradingview.com

The MacD indicator clearly shows Bitcoin’s brief rally and descent into a complete bearish phase. The volatility is high, and a risky investment for investors since a further drop is still likely.

The SMA 50 and 200 also reflect the bearish trend of BTC and will likely continue their descent on the chart. It is not likely that bitcoin will go on a bullish spree.

Featured image from Pixabay, chart from TradingView.com
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Denis

Denis

Denis is a passionate writer and editor and he's been writing in finance industry for almost 6 years.

Related Posts

Visionary Crypto Entrepreneur is working on the World’s First Auto-Rebasing Layer 1 Blockchain

Visionary Crypto Entrepreneur is working on the World’s First Auto-Rebasing Layer 1 Blockchain

3 mins ago
Baby Doge

Baby Doge Coin Grows 124% In Last 7 Days – Is This The Next Big Thing In Crypto?

4 hours ago
MATIC Price Prediction

MATIC Price Prediction: Polygon Rally is Just Getting Started

4 hours ago
Ethereum

Ethereum Price Revisits $1,700 And $1,800 Seems Imminent, Here’s Why

5 hours ago
Bitcoin

Bitcoin Price Recovers Ground But This Resistance Is The Key For Upside

6 hours ago
MATIC

MATIC On The Upper Side Of The Consolidated Range, Breakthrough Incoming?

11 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

SEC Calls for Bitcoin (BTC) and Ethereum (ETH) Regulation As Snowfall Protocol (SNW) Presale Ends on a High Note

February 8, 2023

Chainlink (LINK) and Orbeon Protocol (ORBN) Outperform the Market, Experts Predict Big Growth in 2023

February 8, 2023

ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF CRYPTO” TV SHOW, KILLER WHALES

February 7, 2023

SinVerse Studios Announces $1 Million Buyback Program for the SIN token

February 7, 2023

Join the Revolution: Invest in STARSTAKING for 25% APY and the Chance to Win Big with the DeFi Lottery Program

February 7, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.