{"id":514768,"date":"2022-11-23T18:51:23","date_gmt":"2022-11-23T15:51:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/btc-price-holds-16k-as-analyst-says-bitcoin-fundamentals-unchanged\/"},"modified":"2022-11-23T18:51:23","modified_gmt":"2022-11-23T15:51:23","slug":"btc-price-holds-16k-as-analyst-says-bitcoin-fundamentals-unchanged","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/btc-price-holds-16k-as-analyst-says-bitcoin-fundamentals-unchanged\/","title":{"rendered":"# BTC price holds $16K as analyst says Bitcoin fundamentals &#8216;unchanged&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c46548c91d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c46548c91d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/btc-price-holds-16k-as-analyst-says-bitcoin-fundamentals-unchanged\/#%E2%80%9D_BTC_price_holds_16K_as_analyst_says_Bitcoin_fundamentals_%E2%80%98unchanged_%E2%80%9C\" >&#8221; BTC price holds $16K as analyst says Bitcoin fundamentals &#8216;unchanged&#8217; &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/btc-price-holds-16k-as-analyst-says-bitcoin-fundamentals-unchanged\/#Grayscale_GBTC_still_dominate_crypto_mood\" >Grayscale, GBTC still dominate crypto mood<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/btc-price-holds-16k-as-analyst-says-bitcoin-fundamentals-unchanged\/#%E2%80%9CNever_have_seen_sentiment_this_bad%E2%80%9D\" >&#8220;Never have seen sentiment this bad&#8221;<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BTC_price_holds_16K_as_analyst_says_Bitcoin_fundamentals_%E2%80%98unchanged_%E2%80%9C\"><\/span>&#8221; BTC price holds $16K as analyst says Bitcoin fundamentals &#8216;unchanged&#8217; &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5129e2ea>Bitcoin (BTC) lingered near $16,500 at the Nov. 23 Wall Street open as United States markets awaited Thanksgiving cues.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/9ef1ae1e-a05e-4e50-b9e9-8a9615c9dd6d.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Grayscale_GBTC_still_dominate_crypto_mood\"><\/span>Grayscale, GBTC still dominate crypto mood<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> showed BTC\/USD shunning volatility after fresh two-year lows the day prior.<\/p>\n<p>The pair left analysts guessing the day before U.S. markets closed for the Thanksgiving holiday, with crypto commentators still focused on Digital Currency Group (DCG).<\/p>\n<p>Potential liquidity problems with DCG-owned Genesis Trading continued to agitate those already expecting further losses across Bitcoin and altcoins.<\/p>\n<p>As Cointelegraph reported, concerns had already spread to doubt the future of the Grayscale Bitcoin Trust (GBTC), the largest Bitcoin institutional investment vehicle with assets under management worth over $10 billion.<\/p>\n<p>On Nov. 22, Grayscale\u2019s ex-CEO, Barry Silbert, released a letter to DCG shareholders, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Invengine\/status\/1595142797967126528\">widely shared<\/a> on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>, seeking to shore up morale.<\/p>\n<p>\u201cNot sure how to interpret the mixed reports around DGC, GENESIS, Grayscale, but Barry Silbert &#8216;s letter yesterday gave the crypto market some hopium,\u201d analytics resource Material Indicators wrote in part of a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1595396906120843267\/photo\/1\">Twitter thread<\/a> on the day.<\/p>\n<p>It added that announcements on GBTC could nonetheless come after hours in a potential volatility catalyst.<\/p>\n<p>An accompanying chart of buy and sell pressure on largest global exchange Binance showed strong resistance in place at just below $17,000. <\/p>\n<p>On the buy side, only $15,000 presented any solid support at the time of writing, with the bulk at $14,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/70c9e416-4411-42cc-b0e7-3bd2247cf276.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CNever_have_seen_sentiment_this_bad%E2%80%9D\"><\/span>&#8220;Never have seen sentiment this bad&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Commenting on the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> state of the crypto market after the FTX debacle, meanwhile, popular commentator William Clemente said that sentiment should not be confused with Bitcoin&#8217;s underlying strength.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin may need $1B more on-chain losses before new BTC price bottom<\/em><\/strong><\/p>\n<p>&#8220;Never have seen sentiment this bad,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1595179526233149442\">acknowledged<\/a>. <\/p>\n<blockquote><p>&#8220;Concerns about every centralized company in the industry, people giving up, losing hope, depression. Meanwhile the fundamentals of Bitcoin are completely unchanged. Posting this to revisit when BTC is pushing to new highs in a few years.&#8221;<\/p><\/blockquote>\n<p>According to classic yardstick, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Crypto Fear &amp; Greed Index<\/a>, there was nonetheless room to fall, with a score of 22\/100 still more than double that which traditionally accompanies bear market bottoms.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/18429102-af85-4ce0-88ae-3705597275b1.png\"><figcaption style=\"text-align: center;\"><em>Crypto Fear &amp; Greed Index (screenshot). Source: Alternative.me<\/em><\/figcaption><\/figure>\n<p>&#8220;The word dead has been rapidly circulating around crypto platforms in November,&#8221; research firm Santiment <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1595100746026225664\/photo\/1\">added<\/a> in insights of its own on Nov. 22. <\/p>\n<blockquote><p>&#8220;As one of the more bearish sentiment words, this is a sign of traders giving up on markets rebounding. Ironically, this capitulation is historically when markets rebound.&#8221;<\/p><\/blockquote>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/btc-price-holds-16k-as-analyst-says-bitcoin-fundamentals-unchanged\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BTC price holds $16K as analyst says Bitcoin fundamentals &#8216;unchanged&#8217; &#8220; Bitcoin (BTC) lingered near $16,500 at the Nov. 23 Wall Street open as United States markets awaited Thanksgiving cues. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Grayscale, GBTC still dominate crypto mood Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD shunning volatility&#8230;<\/p>\n","protected":false},"author":1,"featured_media":514769,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNGUyYjRhZWItYzYzOC00ZTI5LWFlMjEtYjk4MTBmYjVhODZiLmpwZWc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,90192,76550,73785],"class_list":["post-514768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-digital-currency-group","tag-grayscale","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=514768"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/514769"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=514768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=514768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=514768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}