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Edward Snowden says he can’t wait to get back to $16,500 bitcoin

Edward Snowden says he can't wait to get back to $16,500 bitcoin

Bitcoin (BTC) returned to $16,500 at the Wall Street open on November 14 as the bulls tried to break higher but failed.

Hourly candlestick chart BTC/USD (Bitstamp). Source: Trading View

Snowden hints that BTC price is in line with March 2020

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering below $17,000 the day after a dismal close to the week.

The largest cryptocurrency failed to show convincing signs of recovery after losing more than 25% a week earlier due to the fiasco around the FTX exchange.

At the time of writing, this fiasco is ongoing and the revelations are fanning out, including to other firms. with significant impact on a defunct exchange.

With little light at the end of the tunnel, BTC price movement has remained surprisingly weak.

“The markets are consolidating,” says Mikael van de Poppe, founder and CEO of the Eight trading platform. summarize.

“It can be assumed that we will actually be at the $10k level after the terrible news we have received in recent weeks.”

Trader and analyst Rekt Capital, meanwhile, warned of impending support-resistance swings thanks to a weekly close, the lowest for bitcoin in two years.

“These are the monthly BTC levels shown on the weekly timeframe,” he said. tweeted next to the chart of important focus levels.

“From this chart, we can see that $BTC has made a new weekly close below the monthly level of ~$17300. Initial indications that this level is turning into new resistance this week.”

Annotated BTC/USD chart. Source: Rect Capital/Twitter

Other publications that day warned of possible “additional weakness” in BTC/USD, while noting that historically previous bear markets were even worse in terms of the pair falling from cyclical highs.

An interesting counterpoint came from Edward Snowden. In his own tweet signaled that he would be a buyer of BTC at current levels, an opinion he last publicly released after the COVID-19 cross-market crash in March 2020.

“There is still a lot of trouble ahead, but for the first time in a long time, I can’t wait to go back,” he said.

Second tweet emphasized that the previous one was “not financial advice”.

Dollar Provides ‘Perfect’ Path to BTC Growth

Stocks gave crypto bulls a bit of a breather throughout the day, with the S&P 500 and Nasdaq Composite down 0.3% and 0.8%, respectively, during the first hour.

Related: Elon Musk says BTC will ‘do it’ – 5 things to know about bitcoin this week

The US dollar index (DXY) continued its own consolidation, refusing to add to the significant pullback of previous weeks..

Popular trading account Game of Trades noted that the daily Relative Strength Index (RSI) for the DXY has set a new all-time low for 2022.

Annotated chart of the US dollar index (DXY). Source: Game of Trades/Twitter

“SPX is showing strength and DXY is crashing,” reassuring Bloodgood, another prominent Twitter trader. wrote in terms of a fresh update per day.

“An ideal situation to see some benefits.”

Annotated BTC/USD chart. Source: Bloodgood/Twitter

The views and opinions expressed here are solely those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and trading step involves risk, you should do your own research when making a decision.