Crypto

Bitcoin November 30, 2022 – Cold will unlock bulls

Growth and uncertainty. The price of Bitcoin (BTC) restores $ 17,000 within a few hours after the closure of the month. The FTX crisis marked a month. Bitcoin has reached new minimums per year, but traders and analysts are still wondering if the cryptocurrency has already reached the bottom (or not) for this cycle.

Bitcoin price at 17,000 dollars: pumping at the end of the month thanks to the Fed

Today, November 30, 2022, the price of Bitcoin on Bitfinex increased to $ 1766. At the time of writing, cryptocurrency is traded at 17,045 dollars. Its price is currently registered with a daily increase of 3.25%.

Thus, Bitcoin returned to $ 17,000, since the chairman of the US Federal Reserve (Fed) Jerome Powell announced that “the time to mitigate the rate of increase in bets could come already at the December meeting.”

Despite this bull impulse, the price of Bitcoin is unlikely to close the month at the level or above the June minimum of this year about $ 17,600. Bitcoin is currently registering monthly losses of about 17%.

Historical data show that the losses for November this year correspond to the losses of November 2019 and much lower than the losses of 2018, which amounted to just more than 36%. Thus, this comparison allows you to assess the effect of FTX collapse on markets.

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Green for bitcoins: the same question, is the bottom achieved?

Is today’s increase in Bitcoin a single one, the markets are in another trap for bulls, or the King of Cryptography began a bull bouncer, which can return it to $ 20,000 in a very short term?

In the current conditions, traders and analysts are still looking for clues as to whether the cryptocurrency of its bottom has reached this cycle.

Trader Christopher Baychinski shared a graph of Glassnode, which shows that a 14-day sliding average profit of profit fell to a relatively low level, which could confirm that Bitcoin has reached or is close to this bottom.

Bitcoin’s price has already affected the minimum price in this cycle? The question remains open, despite the growing number of indicators on this issue. The next few days will show whether this impulse is above $ 17,000 by a bull trap (or not).

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