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Investing.com – The and the cryptocurrency market in general fell sharply on Friday, bottoming at $16,542 at the very end of the day, compared to a peak at over $17,500 the previous day, and the trend remains for the momentum negative, which does not rule out further losses over the weekend.
Incidentally, BTC price remains close to this recent low at the time of writing at $16,710, down 3.73% over 24 hours. The suffered a much more severe penalty with a decline of 7.3% to $1175. He loses more than 10%.
The week that is ending was marked by the meetings of the Fed and the ECB, which both slowed the rise in rates to 0.5%. However, central banks have also made it clear that this is not a dovish pivot, and that rates will continue to rise (and perhaps further than the market thinks), which has weighed on Bitcoin as on risky assets in general.
As for more cryptocurrency-specific news, the week was marked by a series of disturbing news about the world’s largest cryptocurrency exchange, Binance.
Binance and its boss CZ have indeed been in the spotlight as doubts about the financial health of the platform have led to massive withdrawals from customers. The FTX bankruptcy case is still very much in people’s minds, and many people think that a similar scenario for Binance, a much bigger company, could deal a fatal blow to cryptocurrencies, or at least change radically. the face of this market.
Moreover, the doubts on Binance being added to the general bearish climate, the , the native crypto of the platform, shows a loss of more than 11% over 24 hours at the time of writing this article, the worst performance of the top 10 crypto.
Finally, regarding the thresholds to watch on bitcoin over the weekend, the $16,500 area is the first potential support, before the $16,000 threshold, then the low of November 21 towards $15,500. On the upside, $17,000 is the first hurdle, ahead of $18,000, then this week’s high at $18,350.