On 28 November, Bitcoin The price forecast will probably remain bearish below the $16,360 support, which will act as resistance. Protests in China, the world’s second largest economy, have caused most of the selling pressure in the overall cryptocurrency market.
Crypto markets are plunging as a wave of investors pours into global markets, fueling protests in china Against Covid restrictions. Protesters angered by the harsh COVID-19 rules demanded the resignation of China’s strongman leader.
Update: China Unrest Status
At least ten people died on November 24 when a fire broke out in an apartment building in Urumqi, in the northwestern province of Xinjiang. Due to China’s zero-covid policy, many victims were trapped inside their homes and unable to escape. On November 25, protests broke out in several cities, including the nation’s capital Beijing and on dozens of college campuses.
China’s economy is the second largest in the world. As a result, it has a significant impact on international financial markets, prompting investors to seek safe havens for their investments. Investors’ risk aversion tends to increase the value of safe-haven assets such as the US dollar, bonds and the yen.
Working Unrest in China One could exploit a vulnerability in cryptocurrency markets, which has already been troubled by the collapse of crypto exchange FTX earlier this month. Furthermore, because stocks and cryptocurrencies are risk-on assets, they are experiencing negative market action.
World markets were under pressure on 28 November due to increasing investor concern. The effects can be seen in the cryptocurrency industry, with the entire crypto market down 3% over the past day. Furthermore, BTC/USD remains a risk-on asset given the strong correlation between the price of the cryptocurrency and the stock markets, which explains its recent decline.
Bitcoin storage on exchange platforms is declining
Blockchain analysis company Sentiment tweeted a statistic on November 26 that showed the percentage of bitcoin supply traded on exchanges has dropped to single digits.
“Only 6.95% of bitcoin is sitting on exchanges,” the tweet said, referring to a slowing trend in BTC custody that began in March 2020. However, the recent FTX volatility has accelerated this trend.
According to Sentiment, the amount of bitcoin available on exchange platforms has decreased for the first time since November 24, 2018. Furthermore, according to data from Glassnode, outflows from bitcoin exchanges have reached an all-time high (ATH).
In the past 30 days, a total of 179,250 bitcoins have been lost on cryptocurrency exchanges. The number of confirmed transactions per day crossed a multi-month high of 246K. It is important to note that exchange withdrawal transfers accounted for 29.2% (77.1k withdrawals) of the total transactions.
However, deposit transfers to the exchange account for 18.2% of total transactions (48.1k deposits). This shows that the market is bottoming out and BTC/USD is declining.
collapse of crypto exchanges
The Fall of FTX And Alameda is spreading, along with many other crypto exchanges and initiatives facing liquidity issues. Genesis Trading, Gemini and other exchanges have temporarily suspended trading and withdrawals for some or all accounts.
If creditors are unable to assist them with their liquidity issues, Genesis Trading, a division of Digital Currency Group, has said that declaring bankruptcy could be an option.
Grayscale, the sister company of Genesis Trading and observer of GBTC, has stated that they are unaffected by the situation. However, some investors are worried due to the weakness and uncertainty of the market.
The cautious attitude reflects the magnitude of the uncertainty of the future, as it appears more and more businesses are being affected.
The uncertain state of the cryptocurrency market justifies last week’s low price performance and explains why there is not much demand from investors. As a result of the ongoing volatility in the cryptocurrency market, the value of BTC/USD is falling.
bitcoin price
the current bitcoin price $16,174 with a 24-hour trading volume of $24 Billion. During the past 24 hours, the BTC/USD pair has lost almost 2%, while coinmarket cap Currently ranked first with a live market cap of $311 billion, up from $310 billion during the Asian session. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,218,643 BTC coins.
On Monday, the BTC/USD pair was trading lower after getting rejected below the $16,600 resistance, which was extended by a declining trend line.
On the 4-hour time frame, bitcoin has formed a descending triangle pattern, which typically drives a selling trend.
Bitcoin is currently trading at $16,150 with an immediate support near $16,000. According to this, the next support level for bitcoin is $15,650, which is extended by the double lower support level.
Major technical indicators such as RSI and MACD are in the sell zone, which indicates that there is a lot of selling pressure. The 50-day moving average is offering resistance at $16,450, which means that the downtrend is likely to continue.
If buyers enter the market, a bullish breakout of the $16,450 level could propel bitcoin towards $17,000 in a matter of days.
Cryptocurrency Pre-Sale With Huge Profits
Despite the bearish market, some coins have the potential for huge upside. Let us examine them more closely.
Dash 2 Trade (D2T)
dash 2 business Ethereum-based trading intelligence platform that provides real-time analytics and social data to traders of all skill levels, allowing them to make better-informed decisions. The platform will go live in the first quarter of 2023, providing investors with information to help them make proactive trading decisions.
Dash 2 Trade, a platform for crypto trading intelligence and signals, has piqued investor interest after raising $7 million in just a month. As a result, the D2T team has decided to drop the project at Phase 4 and reduce the hard cap target to $13.4 million.
Dash 2 Trade has also been successful, with two exchanges (LBank and BitMart) pledging to list the D2T token after the presale ends.
1 D2T is currently worth 0.0513 USDT, but will increase to $0.0533 at the end of the sale. D2T has so far raised over $7.4 million by selling over 84% of its tokens.
Robotera (Tarot)
robot era (TARO) is a sandbox-style metaverse that will release an alpha version in the first quarter of 2023. Gamers will be able to play as robots on its platform and help build its virtual world, which includes NFT-based land, buildings, and other in-game items.
TARO has already raised over $269,000, and one TARO is currently sold for 0.020 USDT (it can be bought with USDT or ETH), but this price will increase to $0.025 during the second phase of its presale, Which will start soon.
Calvaria (RIA)
calvaria There is a new gaming company that has the potential to monopolize the play-to-earn market. According to Calvaria (RIA) developers, the need for digital currencies to play has proven to be a major barrier to the widespread adoption of Web3 gaming.
As a result, the game will have both a free-to-play and a pay-to-win mode, with the free-to-play mode accessible to players who do not have cryptocurrency.
The presale has raised nearly $2 million since its inception and is now in its final stages after the developers decided to close early. The pre-sale was scheduled to last for ten phases and include 300 million RIA tokens.
However, the developers have decided to replace the presale offering, meaning that Phase 5 will be the last chance for investors to buy RIAs before they are released to the public market, where prices are expected to skyrocket.
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