Edward Snowden Says He Feels “Itching To Scale Back” To $16.5K Bitcoin
Bitcoin (BTC) returned to $16,500 at the November 14 Wall Street open as bulls tried and failed to break higher.
Snowden suggests BTC price echoes March 2020
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading below $17,000 on the day after a dismal weekly close.
The biggest cryptocurrency had failed to show convincing signs of recovery after losing more than 25% the previous week thanks to the debacle surrounding the exchange FTX.
This debacle was ongoing at the time of writing, with revelations spreading to include other firms with significant exposure to the defunct stock exchange.
With little light at the end of the tunnel visible, BTC price action unsurprisingly remained weak.
“The markets are consolidating,” Michaël van de Poppe, founder and CEO of trading platform Eight, in summary.
“Would assume we would actually be at $10,000, after the terrible news we’ve received in recent weeks.”
Trader and analyst Rekt Capital, meanwhile, warned of support-resistance reversals underway thanks to the weekly close, Bitcoin’s lowest in two years.
“These are monthly BTC levels shown on the weekly time frame,” he tweeted along with a chart of key focus levels.
“From this chart, we can see that $BTC has executed another weekly close below the monthly level of ~$17300. The first signs of this level turning into new resistance this week.”
Other posts on the day warned of the potential for “further downside carry” on BTC/USD while noting that historically, previous bear markets still underperformed the pair’s descent from cycle highs.
An interesting counterpoint came from Edward Snowden. In a separate tweet he says signalled that he would be a BTC buyer at current levels, a sentiment he last published after the March 2020 COVID-19 crash.
“There’s still a lot of trouble ahead of me, but for the first time in a long time I’m starting to feel the itch to get back in,” he said.
Another tweet stressed that the previous one was “not financial advice”.
The dollar provides a “perfect” route to BTC upside
Stocks gave crypto bulls little breathing room on the day, with the S&P 500 and Nasdaq Composite Index down 0.3% and 0.8%, respectively, in the first hour.
Related: Elon Musk Says BTC ‘Will Make It’ – 5 Things to Know in Bitcoin This Week
The US dollar index (DXY) continued its own consolidation while refusing to add to the previous weeks significant decline.
Popular trading account Game of Trades noted that the daily chart’s Relative Strength Index (RSI) for DXY had set a new record low for 2022.
“SPX shows strength and DXY crashes,” a hopeful Bloodgood, another well-known Twitter trader, wrote part of a recent update on the day.
“Perfect situation to see some upside.”
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