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 is on another recovery path after suffering one of the worst declines of 2022. The digital asset had hit a low of $15,500 before bouncing back up, all of this happening in response to the decline of FTX, the second-largest crypto exchange by trading volume. The price of bitcoin had altered and recovered above $17,000, dragging the market back into the green, but this could only be a short-lived recovery. A Bull Trap In The Making With the decline that was seen in bitcoin and the general crypto market on Wednesday, it was expected that there would be some kind of recovery. This was further propelled forward by the positive CPI data release on Thursday, triggering a good bounce in the price of the digital asset. Related Reading: Bitcoin Shows Strength As Price Holds Above $16,500; Is This A Bear Trap? However, it is not exactly a completely positive return given how much of its value was recovered and the time frame in between. More often than not, recoveries like these are a bull trap intended to pull more liquidity into the market. Even with the recovery in price, the sell-offs have not subsided, which puts investors coming into the market at these prices at a disadvantage. A retracement from this level will likely lead to lower lows and a new cycle low. BTC price remains volatile | Source: BTCUSD on TradingView.com There is also no significant support for bitcoin above $17,000. Everything from the current price down to $16,500 hangs by a thread. This means that bitcoin will not be able to withstand another downtrend and will see it establishing support just above $16,000. Bitcoin Still Not Bottomed For many, it is easy to believe that the bottom is in for the digital asset simply because it has fallen below its previous cycle low, but historical trends show there is still more decline to come. It was the case with bitcoin back in 2018 when the price had finally hit $10,000 and it seemed there was nowhere left to go. In the end, BTC would bottom out just above $3,000. Related Reading: XRP Price Rallies 15%, Why Ripple Could Outperform Bitcoin and Ethereum With bitcoin sitting well below its 50-day moving average, the sell-off trend remains strong. Too much supply is being dumped in the market with not enough demand to soak it up. Add in the fact that the FTX case is still unraveling and will do so for the next few months, and more downside is expected for bitcoin. A likely bottom point for bitcoin during this cycle would be the $13,000-$14,000 level with some wiggle room. Altcoins will also suffer more losses according to current market movements and the decreased faith in the crypto market.\u00a0 Featured image from Barron’s, 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":508525,"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":[428,84627,679,1119,1122,1144,83970],"class_list":["post-508488","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-btucsdt"],"acf":[],"yoast_head":"\n
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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. 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 Recovers Above $17,000, Why This Could Be A Bull Trap","url":"http:\/\/wncen.com\/news\/bitcoin-recovers-above-17000-why-this-could-be-a-bull-trap\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-recovers-above-17000-why-this-could-be-a-bull-trap\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin.jpeg?fit=1280%2C960"},"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","btucsdt"],"dateCreated":"2022-11-15T17:00:08Z","datePublished":"2022-11-15T17:00:08Z","dateModified":"2024-06-11T09:19:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Recovers Above $17,000, Why This Could Be A Bull Trap\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-recovers-above-17000-why-this-could-be-a-bull-trap\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-recovers-above-17000-why-this-could-be-a-bull-trap\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Bitcoin.jpeg?fit=1280%2C960\"},\"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\",\"btucsdt\"],\"dateCreated\":\"2022-11-15T17:00:08Z\",\"datePublished\":\"2022-11-15T17:00:08Z\",\"dateModified\":\"2024-06-11T09:19:32Z\"}<\/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.jpeg?fit=1280%2C960","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/508488","targetHints":{"allow":["GET"]}}],"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=508488"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/508488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/508525"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=508488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=508488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=508488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}