Bitcoin (BTC) returned to $16,500 at the Nov. 14 Wall Street open as bulls tried and failed to break higher.
Snowden hints BTC price echoes March 2020
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging below $17,000 on the day after a dismal weekly close.
The largest cryptocurrency had failed to show convincing signs of recovery after losing more than 25% the week prior thanks to the debacle around exchange FTX.
That debacle was ongoing at the time of writing, with revelations fanning out to include other firms with significant exposure to the defunct exchange.
With little light at the end of the tunnel visible, BTC price action remained unsurprisingly weak.
“Markets consolidating,” Michaël van de Poppe, founder and CEO of trading platform Eight, summarized.
“Would assume we’d be at $10K actually, after the terrible news we’ve received past weeks.”
Trader and analyst Rekt Capital meanwhile warned of support-resistance flips in the making thanks to the weekly close, Bitcoin’s lowest in two years.
“These are BTC Monthly levels shown on the Weekly timeframe,” he tweeted alongside a chart of important focal levels.
“From this chart, we can see that $BTC has performed a new Weekly Close below the Monthly level of ~$17300. Initial signs of this level…
