21 Nov 2022 · 3 min read

Bitcoin Price Prediction as BTC Falls to $16,000 Support – Time to Buy the Dip?

During the European session, Bitcoin continued to trade sideways, but overall the trading bias remained positive above the triple bottom support area of the $15,800 level. This price action comes amid fears that Grayscale, one of the largest crypto firms, may be insolvent. Genesis, an associated firm, recently suspended withdrawals following the collapse of FTX exchange.

FTX Further Fillings

According to a bankruptcy court filing dated November 19, the bankrupt exchange, FTX, owes a total of $3.1 billion to its 50 largest creditors. The debtors were described as customers in the filings, and their names were not given. 

On November 20, FTX's new management team reminded other cryptocurrency exchanges to be on the lookout for assets stolen from its platform. 

Contagion fears have destroyed more than $200 billion in digital currency market value since FTX began to collapse in early November.  The FTX exploiter has been active since November 12, when they stole approximately $600 million in cryptocurrency from the defunct exchange FTX. 

The hacker appears to be washing away the stolen funds with decentralized pools and crypto bridges. The decline in BTC/USD continued on November 21 as more information about FTX's collapse emerged over the weekend and concerns spread to other crypto platforms.

New Difficulty Record as Miner Sales Decline

The current environment makes it more difficult for Bitcoiners to accept all-time highs than all-time lows. Despite the fact that Bitcoin has been working hard to improve network security, skepticism about the statistics has persisted.

The network difficulty for the Bitcoin currency increased by 0.51% to a new high on November 20 at the most recent automated readjustment. Mining difficulty reflects the degree of competition among miners.

The fact that the measure is now increasing despite the current decline in BTC/USD price movement indicates that certain entities are adding more hashing power to the network while ignoring shrinking profit margins.

Despite this, miners have been selling less recently than their one-year average, implying that the urgent need to reduce reserves may be easing.

Bitcoin Price 

The current Bitcoin price is $16,156, and the 24-hour trading volume is $31 billion. Bitcoin has fallen by over 2% in the last 24 hours. 

CoinMarketCap now ranks first, with a live market cap of $310 billion. It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,213,406 BTC coins.

Bitcoin Price & Tokenomics - Source: coinmarketcap

Bitcoin is gaining immediate technical support near the $15,850 level. The closing of candles above this level indicates the possibility of a bullish reversal. The formation of a tweezer's bottom pattern above $15,850 indicates the possibility of a bullish reversal.

As a result, increased buying pressure may propel an uptrend until the resistance levels of $16,500 and $17,180 are reached. An additional breakout of the $17,180 level may open up more room for buying until the $18,650 level, which is extended by the 38.2% Fibonacci retracement level.

The RSI and MACD indicators remain in the sell zone, and the 50-day moving average is also indicating a sell trend below $16,500. As a result, a bearish breakout below a triple bottom pattern could expose the BTC price to the $14,475 territory. 

Today, keep an eye on $15,850 as it is likely to act as a pivot point for Bitcoin.

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Cryptocurrency Price Tracker - Source: Cryptonews