The Fibonacci level of 127.2%, or $ 18,500, was reached by the bitcoin cryptocurrency but still needs to be successfully broken. Therefore, it is reasonable to assume that the first cryptocurrency in the world will start to decline again soon. As previously mentioned, bitcoin has been trading in recent months in accordance with the standard pattern: collapse - several weeks or months of flat trading. As a result, everything is still the same right now. We want to remind you that many bullish traders believed that the $18,500 marked the "bottom" of a bearish trend. However, the onslaught of sellers ultimately proved too much for this crucial level to handle. Furthermore, we see no reason to anticipate that the pressure on the digital asset held by the bears will soon stop.
In general, there wasn't any major cryptocurrency news on Monday. We want to draw your attention to some news a little further away. Sam Bankman-Fried, the former CEO of the FTX exchange, was arrested in the Bahamas last week at the request of the US government, which it later emerged had actively misappropriated investor money. Bankman-Fried is charged by the US Securities and Exchange Commission with deceiving investors and misusing customer funds. Sam was also sued by the Commission on Urgent Trading in the United States for breaking the Commodity Exchanges Act. Bail was turned down. The number of charges against him has already risen to eight, and he could spend up to 115 years behind bars. Yes, in the USA, conclusions can still be made for periods longer than a person can live.
Sadly, this is how the tale of one of the most well-known cryptocurrency exchanges, whose failure drove bitcoin even lower, ends. FTX and its FTT token were linked to numerous other cryptocurrency-related topics, so this collapse might be the first. As a result, a lot of businesses might have liquidity issues. Additionally, if a company's customers start to believe there are issues, money will start to leave the company, which will only worsen matters. Recall that there have been rumors recently that the biggest Binance exchange may file for bankruptcy. There is usually "smoke without fire," so perhaps these are just rumors. Anyhow, money has already started to leave this exchange. As a result, bitcoin cannot be supported by the fundamental background.
The "bitcoin" quotes over the past 24 hours have remained below $18,500. The fall could continue with a $12,426 goal. 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. Bitcoin is now located below this channel, allowing the quotes to move southward.
