Bitcoin price still struggles to hold above $16,000 level as market appears to ignite new influences. I am trying to get it back. BTC’s price has dropped by nearly 3% while ETH’s price has dropped by more than 4% over the past week.
In general, the entire crypto space is concentrated under bearish pressure as altcoins are also plummeting towards lows. On the other hand, the stock market and Nasdaq, which are closely related to the cryptocurrency market, are expected to see a bearish divergence that increases the possibility that the cryptocurrency market will crash soon.
Besides, a new Bitcoin upgrade called BitcoinCore 24 has been published It comes with a memory pool that serves as a waiting area for unconfirmed transactions. However, the community has expressed serious concerns over the upgrade as it leaves no room for zero-confirmation transactions and encourages double-spend attacks.
The bearish market sentiment accompanying the controversial Bitcoin upgrade may soon pave the way for a sharp BTC price drop.
Massive Bitcoin (BTC) dumps coming in!
As mentioned earlier, BTC has been hovering around $16,000 for quite some time now that volatility has dropped significantly. Compressed price action could pave the way for yet another large price action, regardless of future direction. Close to a significant drop as it is likely to face more.
Referring to the S&P 500, analyst Kevin Svensson warned his 117.9K followers that: BTC price garbage. According to him, if the S&P 500 faces rejection from its supply line as it has done many times before, Bitcoin certainly cannot handle it and could fall twice as fast as traditional stock markets. There is a possibility
Meanwhile, Bitcoin shrimp are constantly accumulating.According to on-chain data provider Glassnode, the number of addresses holding more than 1 BTC and less than 10 BTC has peaked.
Collectively, the Bitcoin (BTC) price could witness another setback as a rally above $16,500 seems unrealistic these days. Additionally, the token is testing critical support levels near $16,100.
https://bitcoinwarrior.net/2022/11/crypto-winter-may-be-extended-indefinately-as-stock-market-closer-to-a-bearish-fallout/ Crypto Winter May Extend Indefinitely As Stock Market Nears Bearish Fallout