Bitcoin Price Prediction as BTC Sees $300 Billion Trading Volume Come In – Pump Imminent?
On November 7, Bitcoin traded in line with our Asian session price prediction and fell below the $20,900 level. Despite reaching nearly $21,500 last week, the market has been unable to break its current pattern. However, the upcoming week has the potential to be the turning point.
The release of US inflation and unemployment data on November 10, as well as various speeches by Federal Reserve officials on the same day, may have a notable impact on the market if previous occasions are anything to go by.
FTX Handles Withdrawal Complaints
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4— CZ 🔶 Binance (@cz_binance) November 6, 2022
Trouble surrounding the cryptocurrency exchange FTX, Alameda Research, and Binance is a surprising development in the world of cryptocurrencies.
The cryptocurrency exchange FTX responded to customer complaints about withdrawal delays on Twitter. Node throughput is restricted for Bitcoin, FTX has informed consumers that the matching engine is operating normally.
The exchange also mentioned stablecoin withdrawals in a series of tweets, stating that transactions could take longer than usual until banks reopen and wires clear. Twitter users, meanwhile, reacted in a variety of ways to FTX’s remarks. Some Twitter users defended the firm, while others voiced doubts:
Reddit users have also voiced concern, drawing parallels between the current issues and the panic that ensued when Celsius suddenly stopped withdrawals before the platform went down.
Investors’ concerns about FTX were keeping market risk sentiment low.
Bitcoin Price Prediction
Bitcoin is trading at $20,876, down 1.41% on the day, with a live market cap of $438 billion, down from $406 billion.
On the technical front, Bitcoin has broken through a major support level of $20,990, and a breakthrough at this level has opened the doors for BTC to reach the $20,400 level as $20,600 only provides minor support.
Bitcoin has formed a strong bearish candlestick pattern, namely “three black crows,” in the 2-hour timeframe, indicating the likelihood of a bearish trend continuation. A bearish crossover below the 50-day moving average adds to the strong selling trend.
If Bitcoin is able to hold these levels and positive news comes out of the US regarding inflation, we may see BTC break through the $20,900 level again and reach $21,300 within the next few days.
New Crypto Presale With Huge Potential
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides traders of all skill levels with real-time analytics and social data so that they can make more informed decisions. It began its token sale some two weeks ago and has now raised more than $5.4 million while also confirming its first CEX listing on LBank Exchange.
1 D2T = 0.0513 USDT but this price will soon increase to $0.0533 in the next stage of the sale and reach $0.0662 in the final stage.