Whales face concerns – The Bitcoin (BTC) price is “on track” to post its third consecutive daily bearish candlestick, as Sam Bankman-Fried’s comments are struggling to allay traders’ and investors’ fears for the time being.
Bitcoin price below $20,000: FTX calms things down
The day is bloody. Bitcoin falls below $20,000, more than 24 hours after Changpeng Zhao has announced an upcoming FTX Token liquidation that Binance holds, raising fears of an earthquake that could affect all markets.
Sam Bankman-Fried had however published a series of tweets, in an attempt to reassure investors. In particular, he underlined the fact that FTX had ” enough money to cover all client holdings “.
He also said his company does not invest its clients’ assets, “even in treasury bills”, and that the platform processes all withdrawals and will continue to do so.
Faced with concerns, which may or may not be well founded, Sam Bankman-Fried recalled that FTX’s activities are highly regulated. The company is audited and has over $1 billion in excess cash.
The FTX CEO concluded by sending a message to Changpeng Zhao, asking if they could collaborate.
Will the whales be strong enough against the FTT bears?
Bitcoin thus returns below the $20,000 mark, and is trading at $19,677 at the time of writing this article. Its price is currently recording a daily loss of 5.74%.
Bitcoin price is currently sitting at a crucial daily support line. Recent swings show that if this support breaks, markets should expect a return under $19,000.
On November 2, data from Whalemap showed a concentration of whales at $19,000 – $19,400. Markets should be set in a few hours as to the strength of this important support.
Support around the 100-day moving average has broken in the evening of yesterday, November 7, 2022. Will Changpeng Zhao come out of silence to provide (even) more clarity on his speech, which is currently exerting strong downward pressure on the markets?
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