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Bitcoin (BTC) Price Close To This Level For Next Support Range?


coingape.com 20 December 2022 12:07, UTC
Reading time: ~2 m

Bitcoin (BTC) Price News: The crypto market is showing signs of improvement after November’s bloodbath that saw most assets dipping to very low levels. But the current environment is far from gaining stability towards a comprehensive bull run. Meanwhile, crypto exchange Binance is striving hard to prove that it is of sound financial health and that its reserves strongly back user assets. The last few weeks saw FUD over BNB coin after the crypto community raised concerns over the exchange’s policy on full transparency.

Also Read: XRP Lawsuit: Another Win For Ripple? Judge Partially Reject SEC’s Request

BTC Close To Finding New Support?

While BTC is stagnant around the current price range, it is yet to find a crucial support level. It can also be said that the top cryptocurrency needs to break the $16,900 resistance level to find a continuous price action upwards. As of writing, BTC price stands at $16,815, up 0.30% in the last 24 hours, according to price tracking platform CoinMarketCap. In this context, crypto traders believe Ethereum (ETH) is showing better resilience in comparison.

Michaël van de Poppe, a crypto trader, believes that BTC could have strong continuation if it breaks the $16,900 level. He also believes that BTC could see a price breakout in the context of Binance taking over Voyager assets. The Voyager asset deal, valued at $1.022 billion, could help the crypto lender unlock customer funds. With a distinction of being the biggest cryptocurrency exchange by trading volume, Binance faced some flak recently over its asset reserves.

“Bitcoin needs to crack $16.9K and then we can have strong continuation. Ethereum shows more strength regardless.”

Also Read: Largest Dogecoin Whale Moves 4 Billion DOGE, Is It Elon Musk?

The news of auditing firm Mazars suspending its services to several crypto exchanges including Binance has only compounded the situation for the company. Following the Mazars announcement, the BNB coin price dipped, making it even worse for Binance. However, the top 5 ranked cryptocurrency appears to be on the road to normalcy.

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