7.5 C
New York
Friday, March 24, 2023

Bitcoin value goal now at $13,500 as BTC dealer says to “exit all markets”

Bitcoin (BTC) hovered round $16,500 on November 17 as markets digested the newest occasions associated to the FTX change.

BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

FTX CEO Speaks of “Total Failure of Corporate Controls”

Data from Cointelegraph Markets Pro and TradingView confirmed that BTC/USD skilled solely delicate volatility on the Wall Street open.

The pair confirmed acclimation to occasions surrounding FTX’s insolvency, the newest together with revelations that Alameda Research had been proof against liquidation whereas working on the platform.

After Sam Bankman-Fried’s departure, the brand new CEO, John Ray III, wasted no time in acknowledging the extent of the issues he left in his wake.

In a submitting with the US Bankruptcy Court for the District of Delaware, Ray describes company management of FTX as a “whole failure.” He wrote:

“Never in my profession have I seen such an entire failure of company controls and such an entire absence of dependable monetary data as occurred right here.”

As Cointelegraph reported, lawmakers within the United States intend to carry a devoted listening to for FTX subsequent month, whereas Bankman-Fried is the topic of efforts to extradite him from the Bahamas.

Nonetheless, BTC value motion has managed to shake off associated volatility, as evidenced by the Modest reaction to contagion news hitting Genesis Trading’s crypto lending arm on Nov. 16.

However, when analyzing the current climate, the popular commentators on November 17 were far from optimistic.

“The bulls really need to reclaim $17,600 for us to trade well on a long position”, Crypto Tony tweetedincluding that “for now the bears are in management.”

Repeating a warning that altcoins may expertise further losses of as much as 50%, Il Capo of Crypto was much more outspoken in his message to followers.

“I repeat… GET OUT OF ALL MARKETS,” he mentioned. fixed on November 16, suggesting that “most individuals will not be prepared for what’s subsequent.”

Bid liquidity gives $13,500 assist

On the topic of attainable draw back targets for BTC/USD, Crypto analyst Titan marked a number of areas of excessive liquidity within the change order books.

Related: FTX Bitcoin stash is price the identical as Mt. Gox 840K BTC earlier than the hack

The largest of those, in line with suggestions, sits at $13,500.

“Although there’s liquidity to get round $18,500, $17,200 and $15,500, the most important is decrease at $13,500,” they said.

Material indicators of analytical sources, in the meantime, calculated the entire liquidity of the providing between the spot value and $13,000 as $195 million on the Binance order e-book.

Data from the BTC/USD (Binance) order e-book. Source: Material indicators/Twitter

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer includes danger, you must do your personal analysis when making a call.