Bitcoin Price Prediction as BTC Rebounds Above $20,000, Binance Buying FTX

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The bitcoin price prediction was bearish; However, there was a sharp move above the double low at $19,230. Binance, a cryptocurrency exchange, has signed a non-binding letter of intent (LOI) buy ftx exchange, Binance CEO Changpeng Zhao said this will help ease pressure on the liquidity of the FTX exchange.

FTX CEO Sam Bankman-Fried commented on how Binance has gone “full circle” with the exchange being the first and last investor. The details of the agreement are being kept confidential. It can terminate the agreement whenever Binance chooses.

Bankman-Fried says innovation can be good for the entire business sector. The “amazing work” that Zhao has done in “developing the global crypto ecosystem” was also praised.

As a result of the merger, the crypto market has seen a new round of buying, with BTC rising 6% over the past few hours. along with FTX Token (FTT) The price has increased by over 46%, from $14 to $21.

FTX Spikes Over 45% – Source: Tradingview

Earlier today, the market was risk-averse, sending cryptocurrency short Rumors of FTX Bankruptcy, According to cryptocurrency data platform, Coinglass, investors liquidated approximately $112.83 million in cryptocurrency in one hour.

The recent drop was the result of a cryptocurrency transition due to concerns over FTX following a recent disagreement with Binance.

In any case, with recent updates from Binance and SBF, the risk-off sentiment in the market is shifting to risk-averse, boosting investor confidence and bullish market reversals.

Crypto investor numbers double in Brazil

According to data released last week by Federal Revenue, the number of cryptocurrency investors in Brazil nearly doubled in the third quarter of 2022. Compared to the second quarter, which ended June 30, when 794,981 taxpayers said they had bought or sold digital assets, 1,490,618 taxpayers said they had done so by September 30.

according to tax agency income study, which cites, saw a 14.03% increase in the number of cryptocurrency investors between August and September. In addition, the year-on-year total indicated an increase of 3.5 times as compared to September 2021.

according to informationIn 2022, over 1 million taxpayers announced crypto purchases. According to the report, the Tether (USDT) stablecoin is the most popular digital asset in Brazil. Bitcoin (BTC), the market leader with BRL in over 4,500 billion transactions, came in second with USDT purchases with 25.9 billion reais.

Rising crypto is considered good, therefore, this news is good for the overall crypto market and BTC price.

Fed Seizes $3.36 Billion in Stolen Bitcoin

US Department of Justice announced That he had discovered about $3.36 billion in stolen bitcoin during an unannounced 2021 raid on James Zhong’s home. On November 4, Zhong pleaded guilty to a wire fraud count, which carries a maximum sentence of 20 years in prison.

according to twoIn 2021, US police searched Zhong’s home in Gainesville, Georgia and discovered approximately 50,676 bitcoins, valued at over $3.36 billion. It is the DOJ’s second-largest financial seizure, following the seizure of $3.6 billion in allegedly stolen bitcoin linked to a 2016 breach by cryptocurrency exchange Bitfinex, which the DOJ disclosed in February.

According to officials, Zhong stole bitcoins from the Silk Road dark web marketplace, where narcotics and other illicit goods were bought and sold using bitcoins. The Silk Road was closed by the Federal Bureau of Investigation in 2013. Its founder, Ross William Ulbricht, is serving a life sentence in prison.

bitcoin price prediction

Bitcoin is currently priced at $20,480 with $81 billion in 24-hour trading volume. On November 08, BTC/USD started the day at $20,610, fluctuating between a high of $20,692 and a low of $19,240.

Bitcoin has recovered over 7% since Binance published the FTX news. CoinMarketCap is now the leader with a live market cap of $393 billion.

Bitcoin Price and Tokenomics – Source: Coinmarketcap

On the technical front, bitcoin has risen above the $19,266 support level which was extended by a double-bottom pattern. On the 4-hours time frame, bitcoin is in a bullish circle, indicating the possibility of a bullish reversal, and the RSI indicator is also starting to break out of the oversold zone.

On the upside, bitcoin is likely to face significant resistance at the $20,635 level, which is supported by the 50-day moving average and the trend line that has already been breached. That particular trend was earlier acting as a support, but now it is likely to act as a resistance.

Bitcoin Price Chart – Source: Tradingview

Increased demand and a bullish crossover above $20,635 could expose BTC to the $20,985 or $21,400 resistance level. Alternatively, immediate support for bitcoin remains at $19,266 and $18,650.

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Cryptocurrency Price Tracker – Source: cryptonews

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