BTC Holds $16,000, Analyst Says Bitcoin Fundamentals ‘Unchanged’

Bitcoin (BTC) remained near the $16,500 level at the Wall Street open on November 23 as US markets awaited signs of Thanksgiving.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Grayed out, GBTC still dominates the crypto sentiment

Data from Cointelegraph Markets Pro i.e TradingView. showed that the BTC/USD pair avoided volatility after that a new two-year low the previous day.

The pair cast doubt on analysts a day before US markets closed for Thanksgiving, while crypto watchers remained focused on the Digital Currency Group (DCG).

Potential liquidity issues at DCG-owned Genesis Trading continued to worry those already anticipating further losses for Bitcoin and altcoins.

How reported Cointelegraph, There has already been widespread concern over the doubts about Grayscale Bitcoin Trust (GBTC), the largest institutional Bitcoin investment vehicle with more than $10 billion in assets under management.

November 22 Former Grayscale CEO Barry Silbert issued a letter to DCG shareholders, widely shared on social networks where he sought to boost morale.

“I don’t know how to interpret the mixed reports about DGC, GENESIS, Grayscale, but yesterday’s letter from Barry Silbert gave the crypto market hope.”On Twitter that day, the source of the analysis of Material Indicators wrote.

He added that GBTC announcements could come in a few hours as a potential catalyst for volatility.

Adding to the buying and selling pressure on the world’s largest exchange, the Binance chart showed strong resistance, not just below $17,000.

On the buying side, at the time of writing, only $15,000 was solid support, with the bulk at $14,000.

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Data from BTC/USD pair (Binance) order book. Source: Material Indicators/Twitter

“I’ve never seen such a bad feeling”

Meanwhile, commenting on the overall state of the cryptocurrency market following the FTX collapse, popular commentator William Clemente said that sentiment should not be confused with Bitcoin’s underlying strength.

“I’ve never seen such a bad feeling” admitted.

“Concern about all the centralized industrial enterprises, people giving up, losing hope, depression. Meanwhile, the fundamentals of Bitcoin remain completely unchanged. We’re posting this for review when BTC hits new highs in a few years.

According to the classic index criterion Crypto Fear and Greed Index, had room to fall – 22/100 points, more than double the amount that traditionally accompanies bear market funds.

Crypto Fear and Greed Index (screenshot). Source:

“Dead word spread rapidly among cryptocurrency platforms in November”, added research firm Santiment about its ideas on November 22.

“As one of the more bearish words, this is a sign that traders are refusing to recover in the markets.” Ironically, historically this capitulation is when markets rally.

The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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