The bitcoin remains firmly below the Fibonacci level of 127.2%, or $18,500. Since this consolidation took place more than a week ago, the quotes have essentially remained stationary at around $16,600 per coin. The nature of bitcoin's current movement is as follows: a few weeks or months of stagnation followed by a collapse, as we have repeatedly warned. Because of the recent collapse, bitcoin can now trade for an extended period around the $16,500 level. You must be prepared for this. There are still no growth factors in "bitcoin." We want to remind you once more that theoretically, bitcoin (like any other instrument) can increase even in the absence of any kind of support. The fundamental background won't matter at all if the market sentiment shifts to "bullish" (crypto traders, for example, agree to buy through forums). However, since we are unable to predict such occurrences, we begin by considering the technical and historical context.
In the meantime, new responses started to come in from Michael Saylor, the former CEO of MicroStrategy, and Binance CEO Changpeng Zhao. Remember that these are some of the most well-known figures in the cryptocurrency industry and that their opinions are highly significant following the failure of the FTX exchange. For instance, Mr. Zhao asserted that every investor has the right to independently store their cryptocurrency. He cautioned, though, to take care to do everything correctly, as mistakes with storage can be costly. In systems without independent cryptocurrency storage, according to Michael Saylor, managers amass too much power and misuse it. So, in a roundabout way, both "heads" made their way through the FTX exchange, as if to imply that traders also bear some of the blame for the exchange's demise since they lost traders' money in the process. Both officials emphasized that investors are accountable for their funds and that bankruptcies do occur occasionally.
The goal of these remarks was to shift some of the blame to the traders and investors themselves while also halting the current wave of cryptocurrency sales (FTX and its head should not cast a shadow on the entire crypto industry).
The "bitcoin" quotes finally made a successful attempt to surpass the level of $18,500 throughout the 24-hour period. Now that we have a target of $12,426 in mind, the fall may continue. As we previously stated, since the price was concurrently in a side channel, crossing the downward trend line does not signify the end of the "bearish" trend. The quotes may now drop further as the lower channel limit has been reached.
