Bitcoin was set to reclaim the $18,000 but slipped down to $16,000 level. Now, its set to reclaim the $17,000 mark. Institutional investors initially saw the dip as a buying opportunity. BTC price downward slide also put off Ethereum and Ripple as well as other altcoins.
At the time of writing this article, Bitcoin was trading at $16,814 down by 0.15% in the last 24 hours. Ethereum gained 0.07% and was holding at $1,231. Altcoins are showing mixed reactions – Litcoin lost 2.30% in the last 24 hours and Solana 1.11%. XRP gained 1.35%. Bitcoin’s low swing suggests market manipulation. Analysts believe a reversal above $16,881 will confirm the start of the next leg-up. The bullishness could set BTC’s price head for recovery to $17,593.
Mathew McDermott, an executive at Goldman Sachs, said the bank was doing some due diligence on crypto companies since they were priced more sensibly after the FTX crash. ARK Invest stated in its latest monthly newsletter that the FTX implosion could be the most damaging event in crypto history. It highlighted that decentralized blockchains were as strong as ever.
The most favored cryptocurrency has been consolidating in recent weeks. Its characterized by sideway price movement as investors look for indicators likely to define the next price action. Data shows suggest BTC has found a bottom, facing the potential of rallying in the near future. But if it faces resistance, Bitcoin could likely dip below the immediate support at $16,787. As such, the short-term advantage could tilt in favor of the bears and the BTC may drop to $16,000. The downward slide means, Bitcoin could be stuck between $15,476 and $17,622.
