Rise and uncertainty – The price of Bitcoin (BTC) regains $17,000 a few hours before the monthly close. The FTX crisis marked the month. Bitcoin has hit new lows for the year, but traders and analysts are still wondering if the cryptocurrency has already bottomed (or not) for this cycle.
Bitcoin price at $17,000: month-end pump thanks to the FED
Bitcoin price rises to $17,166 on Bitfinex today, November 30, 2022. Cryptocurrency is trading at $17,045 at the time of writing this article. Its price is currently registering a daily gain of 3.25%.
Bitcoin therefore returns to $17,000, while the Chairman of the American Federal Reserve (FED), Jerome Powell, announced that “the moment moderate the pace of rate hikes could come as early as the December meeting”.
Despite this bullish momentum, Bitcoin price is unlikely to close the month at or above this year’s June low around $17,600. On a monthly basis, Bitcoin is currently registering a monthly loss of about 17%.
Historical data shows that the losses for this month of November this year are in line with those of November 2019, and are far lower than those of 2018 which amounted to just over 36%. This comparison thus makes it possible to qualify the impact of the collapse of FTX on the markets.
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Green for Bitcoin: same question, has the bottom been reached?
Is Today’s Bitcoin Price Rise One-Time, Do Markets Get Yet Another bull trapor has the king of cryptos started a bullish rebound that could bring it back towards $20,000 in the very short term?
In the current environment, traders and analysts are still looking for clues as to whether the cryptocurrency has already fallen to its bottom for this cycle.
the trader Christopher Jaszczynski shared a graph of Glassnodewhich shows that the 14-day moving average of the profit percentage of entities dropped to a relatively low levelwhich could confirm that Bitcoin has reached or is close to this bottom.
Has the price of Bitcoin already touched its floor price for this cycle? The question remains open despite the growing number of indicators on the subject. The next few days will reveal whether this impulse above $17,000 is a bullish trap (or not).
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