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Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend

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Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend

Bitcoin price struggled to clear the $17,000 resistance. BTC seems to be forming a double top pattern and might dive below the $16,000 support.

  • Bitcoin attempted an upside break above the $17,000 resistance, but failed.
  • The price is trading above $16,300 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to decline if it breaks the $16,000 support zone.

Bitcoin Price Struggle Continues

Bitcoin price attempted a recovery wave from the $15,500 support zone. BTC climbed above the $16,000 and $16,500 resistance levels.

It even settled above the $16,300 level and the 100 hourly simple moving average. However, the bears were active near the $16,800 zone. It seems like the price faced another major rejection near the $16,800 level and is forming a double top pattern.

Bitcoin price started a fresh decline from the $16,800 zone. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC/USD pair.

It is now approaching the 23.6% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,600 level.

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Source: BTCUSD on TradingView.com

The first major resistance is near the $16,800 zone. A successful move above the $16,800 resistance might start a real recovery wave. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $17,500 zone.

Fresh Decline in BTC?

If bitcoin fails to climb above the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,280 level and the 100 hourly simple moving average.

The next major support is near the $16,130 zone or the 50% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high, below which the price might gain bearish momentum. In the stated case, the price might drop towards the $15,500 support zone.

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Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $16,280, followed by $16,130.

Major Resistance Levels – $16,800, $17,000 and $18,000.

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Bitcoin Family Says They Are Moving $1M In Crypto To Decentralized Exchanges After FTX Collapse

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Bitcoin Family Says They Are Moving $1M In Crypto To Decentralized Exchanges After FTX Collapse

In October 2017, Netherlands native Didi Taihuttu and his family sold all their valuable belongings and their house for bitcoin. The decision paid off and the Taihuttu family has traveled all around the world and recently moved to the island of Phuket. On Nov. 30, the 44-year-old Didi Taihuttu told CNBC that after storing crypto in cold storage, centralized exchange (cex) platforms, and decentralized exchange (dex) protocols for years, the Dutch family has decided to proactively transfer $1 million in digital assets to dex protocols in order to have more control via self-custody.

Didi Taihuttu and Family Are Taking Proactive Steps to Self-Custody Their Crypto Assets

Just over five years ago, Bitcoin.com News reported on the Taihuttu family after they decided to sell their home, children’s toys, and vehicles so they can accumulate bitcoin (BTC). On Wednesday, the patriarch of the family, Didi Taihuttu, spoke with CNBC and explained that the family is moving $1 million in crypto assets to dex protocols following the FTX collapse.

The Taihuttu family in November 2022. Didi explained to CNBC that the Taihuttu family currently keeps 73% of its cryptocurrencies in cold storage.

Taihuttu detailed that before the decision to proactively move the funds from cex platforms to dex protocols, the family stored a fraction of funds on trading platforms like Bybit and Kraken. “If you never send your bitcoin to an exchange,” Taihuttu said, “your bitcoin stays in your own wallet, meaning you have complete custody of your coins. [But] you connect to a dex, and by making that connection, you trade out of your own wallet.”

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Taihuttu continued:

If the dex collapses, it doesn’t matter, because the bitcoins are always in your own wallet.

Taihuttu explained that he learned his lesson in 2017 when the cex platform Cryptopia was hacked and he lost four bitcoins. “From that moment, I was always searching for alternatives,” Taihuttu said. As far as FTX is concerned, Taihuttu insisted that “too many influencers were paid too much money to promote that one.” The family would not disclose how much they owned in crypto assets but they did say roughly $1 million worth of BTC, ETH, LTC, DOT, and other tokens would be moved to decentralized exchanges.

Taihuttu says the current drama associated with FTX is similar to what happens every bitcoin cycle. “We seem to get that lesson every bitcoin cycle — “It was Mt Gox, it was banning bitcoin in China, it was banning mining. There’s drama every time,” he added. Taihuttu wholeheartedly believes BTC is holding steady, and simply doing what the leading crypto asset always does.

“Looking at the current situation: We have a huge war going on, we have a huge financial crisis, we have FTX, we have Celsius, we have a lot of bear market signals,” Taihuttu told CNBC. “I think that bitcoin is really holding strong at $16,800. For me, bitcoin is still doing perfect and still doing what it always does: Being a decentralized currency that is usable by all people all over the world,” Taihuttu concluded during his interview on Wednesday.

Tags in this story

Bitcoin, Bitcoin (BTC), Blockchain, BTC, Cold Storage, cold storage solutions, crypto cold storage, Cryptocurrencies, cryptocurrency cold storage, Didi Taihuttu, digital nomad, dogecoin, ETH, Ethereum, Ethereum (ETH), Finance, hot wallet, hot wallets, Investing, litecoin, litecoin (LTC), Netherlands, Nomads, Perpetual Traveler, six hardware wallets, Taihuttu Family

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What do you think about the Taihuttu family’s progress and the family moving $1 million from cex applications to dex protocols? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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CryptoSlate Daily wMarket Update – Nov. 30: Bitcoin breaks $17K resistance as markets expect slower rate hikes

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CryptoSlate Daily wMarket Update – Nov. 30: Bitcoin breaks $17K resistance as markets expect slower rate hikes

CryptoSlate Daily wMarket Update – Nov. 30: Bitcoin breaks $17K resistance as markets expect slower rate hikes Oluwapelumi Adejumo · 11 hours ago · 3 min read

The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.

3 min read

Updated: December 1, 2022 at 12:49 pm

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Cover art/illustration via CryptoSlate

The cryptocurrency market cap saw net inflows of $8.12 billion over the last 24 hours and currently stands at $861.02 billion — up 0.94% from $852.9 billion over the reporting period.

Bitcoin and Ethereum’s market cap increased by 1.43% and 1.47% to $329.02 billion and $157.28 billion, respectively.

Polygon led the gains among the top 10 cryptocurrencies, up 5,86% over the reporting period. Meanwhile, BTC and ETH gained 1.29% and 1.22%, respectively.

Source: CryptoSlate

Over the reporting period, USD Coin’s (USDC) market cap slightly decreased to $43.25 billion. Meanwhile, Tether’s (USDT) and BinanceUSD’s (BUSD) market cap slightly increased to $65.36 billion and $22.21 billion, respectively.

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Bitcoin

Bitcoin gained 1.29% to trade at $17,099 as of 07:00 ET. Its market dominance remained flat at  38.1%.

During the last 24 hours, Bitcoin broke above $17,000 around 15:00 UTC. The flagship digital asset has continued to trade above the resistance level since then.

BTC 24-Hour Price Performance (Source: Tradingview)

Ethereum

ETH posted 1.22% gains over the last 24 hours to trade at $1,282 as of 07:00 ET. As a result, its market dominance increased to 18.3% from 18.2% over the reporting period.

Like BTC, ETH was able to maintain its price above the $1,200 mark during the last 24 hours after breaking the zone around 15:00 UTC.

ETH 24-Hour Price Performance (Source: Tradingview)

Top 5 Gainers

Mask Network

MASK is the day’s biggest gainer, growing by 24.66% over the last 24 hours to $4.13 as of press time. The token has grown by over 54% in the last seven days. Its market cap stood at $281.69 million.

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GMX

GMX gained 12.74% over the reporting period to trade at $50.53 as of press time. Its market cap stood at $403.83 million

Optimism

OP increased by 10.07% in the last 24 hours to $1.048. The layer2 blockchain token has risen by 12% over the last seven days. Its market cap stood at $246.62 million.

EthereumPoW

ETHW grew 8.93% over the reporting period to $0.036. The Proof-of-Work token has lost 40% of its value over the last 30 days. Its market cap stood at $388.73 million.

Zcash

ZEC saw a 6.67% gain in the last 24 hours to $44.95. It was unclear why the privacy-focused token was rising. Its market cap stood at $711.19 million.

Top 5 Losers

GensoKishi Metaverse

MV is the day’s biggest loser, shedding 11.7% of its value to trade at $0.19 as of press time. The metaverse-related token has been on a downward trend in the past 30 days, losing over 11% of its value. Its market cap stood at $327.98 million.

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Kaspa

KAS is among the top losers again, as it lost 7.11% in the last 24 hours to trade at $0.00810 as of press time. Its market cap stood at $119.86 million.

MobileCoin

MOB plunged by 7.47% to $1.30 as of press time. It was unclear why the token was falling. Its market cap stood at $96.94 million.

HI

HI is among the day’s biggest losers, losing 4.58% of its value to trade at $0.029 as of press time. Its market cap stood at $84.56 million.

Icon

ICX shed all the gains it made on Nov. 29, crashing by 4.56% to $0.19 as of press time. Its market cap stood at $182.05 million.

Read Our Latest Market Report

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US Institutional Investors Flocking Back To Bitcoin – Is The Bottom In?

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US Institutional Investors Flocking Back To Bitcoin – Is The Bottom In?

The Bitcoin price has seen a minor rally after yesterday’s speech by US Federal Reserve chairman Jerome Powell. The price rose above $17,000, driven by the statement that smaller rate hikes are likely imminent and could begin in December.

Ultimately, analysts see a 50 basis point hike in December almost a lock. The FED was merely trying not to make it look dovish, but it will come, was the tenor of the market.

On Wall Street, the remarks were met with applause. The Dow Jones and the S&P500 saw a strong relief rally. This euphoria also spread to the crypto market in a muted form.

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Bitcoin was trading at $17.119 at press time and now faces resistance at $17,197. If this can be overcome, a push into the $17,800 to $18,000 region would be possible, where massive resistance could lurk.

Bitcoin price, 4-hour chart. Source: TradingView

US Institutional Demand For Bitcoin Is Coming Back

As CrytoQuant CEO and founder Ki Young Ju noted, market sentiment among large investors in the United States is recovering. Ju comes to this conclusion as the hourly BTC price premium on Coinbase has turned positive for the second time since the FTX bank run.

Source: noted

The Coinbase Premium Index has long been a reliable indicator of sentiment among institutional investors for the crypto community. It also includes institutional investors, of which Coinbase has the majority, according to its report for the third quarter of this year.

The index is rising due to increased trading volume on the exchange, which indicates a return of confidence in Bitcoin from institutional investors.

As NewsBTC reported, there is still one major concern for the market at the moment: a possible bankruptcy of Genesis Trading and DCG. However, these rumors scattered in recent days. The companies are believed to have only a solvable liquidity problem, and not an insolvency issue.

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Bottom In Or More Pain?

However, continued selling pressure from a second Bitcoin miner capitulation within the current cycle is looming and likely to cloud the positive outlook. As we have reported, miner capitulation is in full swing.

According to CryptoQuant, about 4,000 BTC of selling pressure was added by miners this week. The company’s data shows that miner transfers to exchanges picked up as the price fell from about $20,000 to about $16,000.

In addition, miners’ BTC reserves have fallen by 13,000 BTC since the end of August. They are now at roughly the same level as they were at the beginning of 2022.

Capriole Investments’ Charles Edwards noted:

We are seeing the 3rd highest Bitcoin miner selling of all time. The level of Bitcoin miner stress today is seconded only by 2 other occasions. The 2 other times? Bitcoin was just $290 and, get this… $2.10!

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