Less waves? The relative calm in the markets may come as a surprise in the current environment. Bitcoin (BTC) price reacts less to the latest FTX crash news.
FTX Crisis: Slight Volatility in Bitcoin Price
Today, November 17, 2022, the price of bitcoin on Bitfinex rose to $16,735. At the time of writing, the cryptocurrency is trading at $16,684. On a daily basis, markets are currently eligible for doji.
After forays above $17,000 over the past three days, Bitcoin remains below that level today. The markets seem to have reacted little to the latest news related to the FTX crisis, such as revelations by the new CEO of the crypto exchange, John Ray III, about the disastrous management of the company.
In a filing in the United States Bankruptcy Court for the District of Delaware, John Ray III stated in the FTX case that in his entire career he “never saw such a complete failure of corporate control and such a complete lack of reliable financial information.”
Although the FTX storm continues to rage and affect the entire industry, such as Genesis lending activity, the day was marked for the price of Bitcoin by very low volatility in the markets.
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Next $13,000 trading zone?
The context is binding, traders and analysts are still trying to determine the next possible price direction for Bitcoin if it experiences another strong downward pressure that will force it out of its current trading area in the coming days.
Analyst Titan Crypto has pointed out areas where liquidity is concentrated in the order books of crypto exchanges. He noted that “although there are cash available around” $18,500, $17,200, and $15,500, nonetheless those around $13,500 would be “the biggest”.
According to the Material Indicators platform, Bitcoin’s “supply liquidity” is around $195 million between current price levels and an area of around $13,000 on the Binance order book.
Despite this relative calm in the BTC markets, indicators suggest that they may be witnessing a final struggle that could see the price of bitcoin crash to bottom in this cycle, followed by a crash, the end of cryptowinter and the return of spring.
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