FOMC

FOMO

Bitcoin

Billion

Bitcoin has shown resilience to the recent negative news on the <a href="https://coingape.com/us-government-charges-binance-with-conspiracy-and-fraud/" target="_blank" rel="noopener noreferrer nofollow">Binance lawsuit</a> and hasn’t declined much. The consolidation is still prominent perhaps a breakthrough to $37,000.
After the last Fed minutes release, as FOMC declared no rate hikes, Bitcoin price fell shortly, plunging 4%. As a result, the overall crypto market dropped to $1.42 Trillion with a bearish market sentiment.
At press time, Bitcoin (BTC) was trading at $36,759.38, reflecting a 24-hour trading volume of $29 billion. Over the last 24 hours, Bitcoin has experienced a 1.63% decline in its price, while over the past 7 days, it has seen an increase of 2.65%.
<h2 id="analyst-claims-bitcoin-could-test-35k-support">Analyst Claims Bitcoin Could Test $35K Support</h2>
<a href="https://coingape.com/glossary/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> experiences fluctuations on lower timeframes, marked by the closure of short and long positions, leading to a decrease in Open Interest (OI) as per the crypto analyst CrediBull.
In response to ongoing market turmoil, traders engage in de-leveraging efforts, adjusting their positions for potential risks. The recent updates in DoJ finding Binance guilty of money laundering, and suing them with a <a href="https://coingape.com/doj-set-to-announce-major-crypto-enforcement-actions/" target="_blank" rel="noopener noreferrer nofollow">$4 Billion penalty</a> have created a FOMO in the market.
The analyst compares the current scenario to previous events, such as the SEC case against Coinbase, by analyzing historical trends. Despite an expected response at a critical zone, there is a breach, with funding briefly turning negative before returning to a low/neutral level.
<figure id="attachment_165458" aria-describedby="caption-attachment-165458" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-165458" src="https://coingape.com/wp-content/uploads/2023/11/F_fzzz3WEAA9Y1X.jpg" alt="bitcoin analysis chart for open interest " width="750" height="419" srcset="https://coingape.com/wp-content/uploads/2023/11/F_fzzz3WEAA9Y1X.jpg 2854w, https://coingape.com/wp-content/uploads/2023/11/F_fzzz3WEAA9Y1X-300x168.jpg 300w, https://coingape.com/wp-content/uploads/2023/11/F_fzzz3WEAA9Y1X-1224x684.jpg 1224w, https://coingape.com/wp-content/uploads/2023/11/F_fzzz3WEAA9Y1X-768x429.jpg 768w, https://coingape.com/wp-content/uploads/2023/11/F_fzzz3WEAA9Y1X-1536x859.jpg 1536w, https://coingape.com/wp-content/uploads/2023/11/F_fzzz3WEAA9Y1X-2048x1145.jpg 2048w, https://coingape.com/wp-content/uploads/2023/11/F_fzzz3WEAA9Y1X-150x84.jpg 150w" sizes="(max-width: 750px) 100vw, 750px">
 <figcaption id="caption-attachment-165458" class="wp-caption-text">
 Source: X
 </figcaption>
</figure>
The analyst further argues that the open interest in lower timeframes such as in the 1-hr graph is reducing as more and more accumulation is taking place.&nbsp;A significant de-leveraging is evident as OI retraces to levels preceding the last market upswing. Notably, Coinbase spot experiences buying activity while perpetual futures sellers close positions, aligning with expectations for buyers to step in.
The bounce from a demand zone at 35.5k, in particular, is significant for the ongoing consolidation. The market is keeping a tight eye on these levels, evaluating the implications for the broader accumulation range.
Analysts see a short-term range-bound scenario between 35k and 37k as spot premium returns, indicating a potential market bottom.
Recently, Bitcoin’s <a href="https://coingape.com/glossary/hash-rate/" target="_blank" rel="noopener noreferrer nofollow">hash rate</a> recorded an all-time high at 546.58M on 19 Nov 2023. The growing hash rate is a part of approaching Bitcoin halving which is significant to raise the difficulty level of the blockchain.
Overall, Bitcoin has shown none to minimum movement to the Binance verdict and is on the green side today.
Also Read: <a href="https://coingape.com/matrixport-analyst-predicts-bitcoin-etf-surge-after-binance-4-3-bln-settlement/?utm_source=24hrsupdateall" rel="noopener noreferrer nofollow">Binance’s $4.3 Billion Settlement Fuels Predictions Of Bitcoin ETF Surge</a>
<h2 id="bitcoin-price-performance-till-now">Bitcoin Price Performance Till Now</h2>
As soon as Binance pleaded guilty, Bitcoin net outflow from Binance exceeded over 15K. This change marks the FOMO among investors which was carried by the fact that Binance has to settle $4 Billion with DoJ.
On the daily chart, Bitcoin is exhibiting an inclined channel pattern which indicates a bearish outcome in the future. This is the same as the analyst predicted above. As the accumulation gets weaker, the current price level will definitely test the $35K support.
On the other hand, the Relative Strength Index (RSI) is at 56 which marks a neutral bear-bull ratio.
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/analyst-predicts-bitcoin-signals-stable-oi-amid-binance-lawsuit/">Analyst Predicts Bitcoin Signals Stable OI Amid Binance Lawsuit</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Analyst Predicts Bitcoin Signals Stable OI Amid Binance Lawsuit

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