Bitcoin Price Target Hits $13.5K As BTC Trader Says ‘Get Out Of All Markets’
Bitcoin (BTC) hovered around $16,500 on November 17 as markets digested the latest events surrounding the FTX exchange.
FTX boss talks about “complete failure of corporate controls”
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD saw only mild volatility at the Wall Street open.
The pair showed acclimatization to events surrounding the FTX insolvency, the latest of which included revelations that Alameda Research had been immune from liquidation while trading on the platform.
After Sam Bankman-Fried’s departure, new CEO John Ray III wasted no time in acknowledging the extent of the problems left in his wake.
In a filing with the US Bankruptcy Court for the District of Delaware widely cited in the mainstream media, Ray described the company’s control of FTX as a “complete failure”. He wrote:
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial information as occurred here.
As Cointelegraph reported, US lawmakers intend to hold a dedicated hearing on FTX next month, while Bankman-Fried is reportedly subject to efforts to extradite him from the Bahamas.
BTC price action has nevertheless managed to shake off related volatility, as evidenced by the modest reaction to news of contagion affecting the crypto lending arm of Genesis Trading on November 16.
However, in analyzing today’s climate, popular commentators of the day were far from optimistic.
“Bulls really need to reclaim $17,600 for us to shift nicely in a long position,” Crypto Tony tweetedadding that “for now, the bears are in control.”
Il Capo of Crypto, who reiterated a warning that altcoins could see further losses of up to 50%, was even more candid in his message to followers.
“I repeat… GET OFF ALL MARKETS,” he tired the day before, which suggests that “most people are not ready for what is to come”.
Bid liquidity offers support of $13,500
On the subject of potential BTC/USD downside targets, co-analyst Titan of Crypto the flag various high liquidity zones on exchange order books.
Related: FTX Bitcoin stash worth same as Mt. Gox 840K BTC before hack
The largest of these, comments said, is at $13,500.
“While there is liquidity to be had around $18.5k, $17.2k and $15.5k, the largest is lower at $13.5k,” they said.
Analytics resource Material Indicators in the meantime calculated total bid liquidity between spot price and $13,000 as $195 million on the Binance order book.
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