{"id":509575,"date":"2022-11-21T17:00:30","date_gmt":"2022-11-21T17:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=509575"},"modified":"2024-06-11T11:26:12","modified_gmt":"2024-06-11T11:26:12","slug":"bitcoin-recovery-only-temporary-as-all-roads-lead-to-15000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-recovery-only-temporary-as-all-roads-lead-to-15000\/","title":{"rendered":"Bitcoin Recovery Only Temporary As All Roads Lead To $15,000"},"content":{"rendered":"

Bitcoin recovered above $16,000 in the early hours of Monday after hitting $15,600 on Sunday. With the continued trend above $16,000, it is starting to look like the digital asset is finally on a path to recovery but this is not the case. The recovery only shows a temporary stoppage in what is a continuous bleed as momentum continues to drop across the space.<\/p>\n

This Is Not The Bitcoin Bottom<\/h2>\n

The bitcoin bottom is still highly debated even now. When the digital asset had hit its previous cycle low of $17,600 and then ranged above $20,000 for a long time, there were speculations that the bottom was finally in but historical data said otherwise, which turned out to be true.<\/p>\n

Related Reading: Is Binance CEO Changpeng Zhao To Blame For FTX Collapse?<\/a><\/div>\n

Now, bitcoin has already reached a new cycle low of $15,500. However, going by the same historical data, it is unlikely that the bitcoin bottom has been marked. Instead, it is more likely for the digital asset to see $15,000 going forward than another recovery above $20,000. This is because of the developments that are still coming out of the space.<\/p>\n

\"Bitcoin<\/p>\n

BTC price at $16,090 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
By now, it is no longer a secret that the FTX collapse had rubbed off on a lot of big players. Where the collapse of the likes of Terra and Celsius had been bad, FTX\u2019s decline carries worse implications for the crypto market. Add in the fact that the crypto exchange was hacked for more than $300 million and the hacker is now dumping the tokens, and there is no way that BTC has seen its bottom yet.<\/p>\n
There is also little to no support at $16,000 for the digital asset even at this time. It remains a seller’s market, which means that the bears remain in control. There is also significant resistance at the $16,500 level, and with the low momentum in the market, a test of this area is unlikely.<\/p>\n
Related Reading:  Tim Draper Stands By $250,000 Bitcoin Prediction, Here\u2019s Why<\/a><\/div>\n
Investors are also pulling their coins out of centralized exchanges in record numbers, with $5.5 billion in BTC flowing out of exchanges in the last week<\/a>, according to data from Glassnode. Investors are also wary of the market at this time, which means there will be no new liquidity entering the market for a while.<\/p>\n
Historical trends place the bitcoin bottom somewhere around $12,000-$13,000, so another 20% could be in the future of BTC before it registers a lasting bottom.\u00a0<\/span><\/p>\n
Featured image from TronWeekly, chart from TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin recovered above $16,000 in the early hours of Monday after hitting $15,600 on Sunday. With the continued trend above $16,000, it is starting to look like the digital asset is finally on a path to recovery but this is not the case. The recovery only shows a temporary stoppage in what is a continuous bleed as momentum continues to drop across the space. This Is Not The Bitcoin Bottom The bitcoin bottom is still highly debated even now. When the digital asset had hit its previous cycle low of $17,600 and then ranged above $20,000 for a long time, there were speculations that the bottom was finally in but historical data said otherwise, which turned out to be true. Related Reading: Is Binance CEO Changpeng Zhao To Blame For FTX Collapse? Now, bitcoin has already reached a new cycle low of $15,500. However, going by the same historical data, it is unlikely that the bitcoin bottom has been marked. Instead, it is more likely for the digital asset to see $15,000 going forward than another recovery above $20,000. This is because of the developments that are still coming out of the space. BTC price at $16,090 | Source: BTCUSD on TradingView.com By now, it is no longer a secret that the FTX collapse had rubbed off on a lot of big players. Where the collapse of the likes of Terra and Celsius had been bad, FTX\u2019s decline carries worse implications for the crypto market. Add in the fact that the crypto exchange was hacked for more than $300 million and the hacker is now dumping the tokens, and there is no way that BTC has seen its bottom yet. There is also little to no support at $16,000 for the digital asset even at this time. It remains a seller’s market, which means that the bears remain in control. There is also significant resistance at the $16,500 level, and with the low momentum in the market, a test of this area is unlikely. Related Reading: Tim Draper Stands By $250,000 Bitcoin Prediction, Here\u2019s Why Investors are also pulling their coins out of centralized exchanges in record numbers, with $5.5 billion in BTC flowing out of exchanges in the last week, according to data from Glassnode. Investors are also wary of the market at this time, which means there will be no new liquidity entering the market for a while. Historical trends place the bitcoin bottom somewhere around $12,000-$13,000, so another 20% could be in the future of BTC before it registers a lasting bottom.\u00a0 Featured image from TronWeekly, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":509581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84627,679,1119,1122,1144,78790],"class_list":["post-509575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-performance","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Recovery Only Temporary As All Roads Lead To $15,000<\/title>\n<meta name=\"description\" content=\"Bitcoin recovered above $16,000 in the early hours of Monday after hitting $15,600 on Sunday. 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With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Recovery Only Temporary As All Roads Lead To $15,000","url":"http:\/\/wncen.com\/news\/bitcoin-recovery-only-temporary-as-all-roads-lead-to-15000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-recovery-only-temporary-as-all-roads-lead-to-15000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-bear.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-bear.jpeg?fit=2048%2C1352"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin performance","bitcoin price","btc","btc price","btcusd","btcusdt"],"dateCreated":"2022-11-21T17:00:30Z","datePublished":"2022-11-21T17:00:30Z","dateModified":"2024-06-11T11:26:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Recovery Only Temporary As All Roads Lead To $15,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-recovery-only-temporary-as-all-roads-lead-to-15000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-recovery-only-temporary-as-all-roads-lead-to-15000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Bitcoin-bear.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Bitcoin-bear.jpeg?fit=2048%2C1352\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin performance\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2022-11-21T17:00:30Z\",\"datePublished\":\"2022-11-21T17:00:30Z\",\"dateModified\":\"2024-06-11T11:26:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-bear.jpeg?fit=2048%2C1352","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/509575"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=509575"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/509575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/509581"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=509575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=509575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=509575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}