Bitcoin price target now $13.5K as BTC trader says ‘exit all the markets’

Bitcoin (BTC) ranged round $16,500 on Nov. 17 as markets digested the latest events surrounding change FTX.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

FTX CEO tells of “full failure of company controls”

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD seeing solely delicate volatility on the Wall Avenue open.

The pair confirmed acclimatization to occasions across the FTX insolvency, the most recent together with revelations that Alameda Analysis had been immune from liquidation whereas buying and selling on the platform.

After the departure of Sam Bankman-Fried, new CEO John Ray III wasted no time in acknowledging the extent of the issues left in his wake.

In a submitting with the U.S. Chapter Court docket for the District of Delaware, Ray describes the corporate control of FTX as a “full failure.” He wrote:

“By no means in my profession have I seen such an entire failure of company controls and such an entire absence of reliable monetary info as occurred right here.”

As Cointelegraph reported, United States lawmakers intend to hold a dedicated hearing on FTX next month, while Bankman-Fried is reportedly subject to efforts to extradite him from the Bahamas.

BTC price action has nonetheless managed to shake off related volatility, as evidenced in the modest reaction to news of contagion impacting the crypto lending arm of Genesis Buying and selling on Nov. 16.

Analyzing the present local weather, nonetheless, well-liked commentators on Nov. 17 had been removed from optimistic.

“Bulls really want to reclaim $17,600 for us to have the ability to shift properly in an extended place,” Crypto Tony tweeted, including that “for now bears are in management.”

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Il Capo of Crypto, repeating a warning that altcoins may see additional losses of as much as 50%, was even franker in his message to followers.

“I repeat… EXIT ALL THE MARKETS,” he stated on Nov. 16, suggesting that “most individuals are usually not prepared for what’s coming.”

Bid liquidity gives $13,500 help

On the subject of potential BTC/USD draw back targets, fellow analyst Titan of Crypto flagged numerous high-liquidity zones on change order books.

Associated: FTX Bitcoin stash worth same as Mt. Gox 840K BTC before hack

The most important of those, feedback mentioned, lies at $13,500.

“Though there’s liquidity to seize round $18.5k, $17.2k and $15.5k, the larger one is decrease at $13.5k,” they acknowledged.

Analytics useful resource Materials Indicators, in the meantime, calculated the entire bid liquidity between the spot value and $13,000 as $195 million on the Binance order guide.

BTC/USD order guide knowledge (Binance). Supply: Materials Indicators/Twitter

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a call.