Get DailyForex analysis to your emailBTC/USD continues to bang against lows, as its struggles to find speculators who want to buy into the major cryptocurrency as nervousness grows within the world of digital assets.The month of November has not been kind to Bitcoin or the cryptocurrency world in general. Another major crisis became headlines as the FTX exchange faltered and evidence of mismanagement and corruption emerged.
Bitcoin’s inability to reverse higher above the 17,000.00 and 18,000.00 levels is telling and if the price of BTC/USD remains only flopping above only 16,000.00, there is reason to suspect it can still go lower. Who is running out to buy Bitcoin right now as a long-term investment? Since November the 11Trading volumes of BTC/USD have greatly diminished and it appears that those holding Bitcoin are hoping that a reversal higher is sparked. If the price of BTC/USD drops below 16,000.
If another bad ‘news event’ were to unfold in the world of cryptocurrency and BTC/USD were to find itself challenging lower depths below 16,000.00 this would not be a positive sign.
Source: Digital Coin News (digitalcoinnews.net)
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