FOMO

Bitcoin

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<ul> 
 <li>Bitcoin showed resilience against the latest negative news related to the Binance case and did not experience a significant drop. Consolidation is still evident, possibly signaling an uptick to $37,000.</li> 
 <li>At the moment, Bitcoin (BTC) was trading at $36,530, with a 24-hour trading volume of $29 billion. There was a 1.63% decrease in Bitcoin’s price in the last 24 hours.</li> 
 <li>Analysts see a short-term range between $35,000 and $37,000 with the return of the spot premium, indicating a potential market bottom.</li> 
</ul> 
<p><strong>Bitcoin price managed to recover after its decline and continues its stable movement: How will BTC move now?</strong></p> 
<h2 id="strong-bitcoin-price-consolidates-after-the-decline-strong"><strong>Bitcoin Price Consolidates After the Decline</strong></h2> 
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126553" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=1536%2C864&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p> 
<p>Bitcoin showed resilience against the latest negative news related to the Binance case and did not experience a significant drop. Consolidation is still evident, possibly signaling an uptick to $37,000. After the release of the latest Fed meeting minutes, which revealed the FOMC’s decision not to proceed with interest rate hikes, the Bitcoin price briefly dropped, experiencing a 4% decline. As a result, the overall crypto market dropped to $1.42 trillion, indicating bearish market sentiment.</p> 
<p>At the moment, Bitcoin (BTC) was trading at $36,530, with a 24-hour trading volume of $29 billion. There was a 1.63% decrease in Bitcoin’s price in the last 24 hours, but there was a 2.65% increase in the last 7 days. Bitcoin (BTC) is experiencing fluctuations in short time frames, leading to a decrease in Open Interest (OI) that is noticeable with the closing of short and long positions, according to a well-known crypto analyst.</p> 
<p>In response to the ongoing market turmoil, traders are adjusting their positions to potential risks, engaging in de-leveraging efforts. The Department of Justice finding Binance guilty of money laundering and suing it for a $4 billion fine has created FOMO in the market.</p> 
<p>The analyst compares the current scenario with previous events, such as the SEC case against Coinbase, by analyzing historical trends. Despite an expected reaction in a critical zone, there is a violation before the short-term negative funding, indicating that a breach occurred.</p> 
<figure id="attachment_131386" aria-describedby="caption-attachment-131386" style="width: 100%" class="wp-caption alignnone">
 <a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1H-COINBASE.webp?quality=70&amp;ssl=1"><img loading="lazy" decoding="async" class=" td-modal-image wp-image-131386 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1H-COINBASE.webp?resize=696%2C366&amp;quality=70&amp;ssl=1" alt="BTC-USD-1H-COINBASE" width="696" height="366" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1H-COINBASE.webp?w=1056&amp;quality=70&amp;ssl=1 1056w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1H-COINBASE.webp?resize=300%2C158&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1H-COINBASE.webp?resize=1024%2C539&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1H-COINBASE.webp?resize=768%2C404&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1H-COINBASE.webp?resize=150%2C79&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1H-COINBASE.webp?resize=696%2C366&amp;quality=70&amp;ssl=1 696w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-131386" class="wp-caption-text">
  BTC/USD 1H Chart
 </figcaption>
</figure> 
<p>The analyst notes that accumulations are increasing while open positions decrease at low time intervals, such as the 1-hour chart. A significant de-leveraging is observed with the withdrawal of OI to levels before the recent market rise. Specifically, as Coinbase spot experiences buying activity, perpetual futures sellers are closing their positions, in line with expectations of buyer participation.</p> 
<p>A bounce from the $35,500 demand zone is crucial for ongoing consolidation. The market is closely monitoring these levels, evaluating possible effects for a wide accumulation range. Analysts see a short-term range between $35,000 and $37,000 with the return of the spot premium, indicating a potential market bottom.</p> 
<p>Recently, Bitcoin’s hash rate recorded an all-time high on November 19, 2023, reaching 546.58M. The increasing hash rate is part of the upcoming Bitcoin halving, which is crucial for raising the difficulty level of the blockchain. Overall, Bitcoin showed little or minimum movement in response to the Binance decision and is currently in the green.</p> 
<h2 id="strong-bitcoin-price-performance-strong"><strong>Bitcoin Price Performance</strong></h2> 
<p>At the moment Binance admitted guilt, Bitcoin’s net outflow from Binance was more than 15,000. This change indicates the FOMO among investors following Binance’s agreement with the DoJ for a $4 billion settlement.</p> 
<p>On the daily chart, Bitcoin displays a trending channel pattern that suggests a potential bearish outcome in the future. This aligns with the analyst’s prediction. As accumulation weakens, the current price level will certainly test the $35,000 support. On the other hand, the Relative Strength Index (RSI) is at 56, indicating a neutral bear-bull ratio.</p> 
<p>The post <a rel="nofollow" href="https://en.coinotag.com/after-a-sharp-decline-bitcoin-consolidates-how-will-btc-price-progress/">After a Sharp Decline, Bitcoin Consolidates: How Will BTC Price Progress?</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p> 
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After a Sharp Decline, Bitcoin Consolidates: How Will BTC Price Progress?

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