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Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend

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Bitcoin price struggled to clear the $17,000 resistance. BTC seems to be forming a double top pattern and might dive below the $16,000 support.

  • Bitcoin attempted an upside break above the $17,000 resistance, but failed.
  • The price is trading above $16,300 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to decline if it breaks the $16,000 support zone.

Bitcoin Price Struggle Continues

Bitcoin price attempted a recovery wave from the $15,500 support zone. BTC climbed above the $16,000 and $16,500 resistance levels.

It even settled above the $16,300 level and the 100 hourly simple moving average. However, the bears were active near the $16,800 zone. It seems like the price faced another major rejection near the $16,800 level and is forming a double top pattern.

Bitcoin price started a fresh decline from the $16,800 zone. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC/USD pair.

It is now approaching the 23.6% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,600 level.

Source: BTCUSD on TradingView.com

The first major resistance is near the $16,800 zone. A successful move above the $16,800 resistance might start a real recovery wave. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $17,500 zone.

Fresh Decline in BTC?

If bitcoin fails to climb above the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,280 level and the 100 hourly simple moving average.

The next major support is near the $16,130 zone or the 50% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high, below which the price might gain bearish momentum. In the stated case, the price might drop towards the $15,500 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $16,280, followed by $16,130.

Major Resistance Levels – $16,800, $17,000 and $18,000.

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Crypto

Is Bitcoin the only crypto that will survive FTX?

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The downfall of FTX and a number of other CeFi platforms in 2022 has reinforced a Bitcoin maximalist narrative, according to which most of the crypto ecosystem will eventually collapse due to its centralization. 

 Jeff Booth, Bitcoin proponent and author of “The Price of Tomorrow”, believes centralized crypto platforms such as FTX and Celsius have ended up replicating the traditional financial system with all its inherent flaws.

“All of crypto is trying to rebuild a financial system that we already have based on manipulation and centralization,” said Booth, in an exclusive interview with Cointelegraph.

Even Defi platforms, which seek to provide a peer-to-peer, trustless alternative to traditional financial services, are bound to fail, according to Booth, since they are being built on protocols that have sacrificed decentralization and security in order to boost scalability.

To Booth, Bitcoin  is the only crypto that remains decentralized and secure enough for being the base layer of the future financial system. 

“The entire crypto ecosystem is going to go to zero besides Bitcoin”, Booth said. 

To find out more about why Bitcoin may outlive the rest of the crypto ecosystem, check out the full interview on our YouTube channel, and don’t forget to subscribe!

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DOT Hits 12-Day High, UNI up for Fourth Straight Day – Market Updates Bitcoin News

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Polkadot rose to its highest level in nearly two weeks on Dec. 2, despite cryptocurrency markets sliding following the latest nonfarm payrolls report. The global crypto market cap is down 0.57% as of writing, as prices consolidated following the data being released. Uniswap was also higher, despite the turbulent sentiment on Friday.

Polkadot (DOT)

Polkadot (DOT) moved to a 12-day high on Friday, as the token rallied, despite crypto markets being mostly lower in the day.

Following a low of $5.34 on Thursday, DOT/USD surged to an intraday high of $5.63 earlier in today’s session.

As a result of today’s gains, DOT moved to its highest point since Nov. 20, when the token was trading at a high of $5.65.

Biggest Movers: DOT Hits 12-Day High, UNI up for Fourth Straight Day
DOT/USD – Daily Chart

Looking at the chart, this point has also acted as a resistance level in recent times, and as of writing price is hovering below this mark.

In addition to the aforementioned price ceiling, the 14-day relative strength index (RSI) is also hovering close to a resistance point of its own.

The index is tracking at 49.87, which is marginally below a ceiling at the 50.00 level. Should it move past this point, we may then see prices head closer to $6.00.

Uniswap (UNI)

Uniswap (UNI) was another notable gainer on Friday, as prices rose for a fourth straight day.

UNI/USD raced to a peak of $6.02 earlier in the day, which comes less than 24 hours after falling to a bottom of $5.73.

This move sees uniswap edge closer to a recent high of $6.40, which was last hit on Nov. 16.

Biggest Movers: DOT Hits 12-Day High, UNI up for Fourth Straight Day
UNI/USD – Daily Chart

As a result of these recent gains, UNI is now almost 11% higher in the last seven days, with the RSI tracking near a one-month peak.

The index is currently at 53.25, which is its strongest point since Nov. 6, and this comes as the moving averages of 10-days (red) and 25-days (blue) look set for an upwards crossover.

Should this occur, we will likely see UNI bulls target a resistance level of $6.50.

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Could we see uniswap hit the $6.50 mark this weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Terra Classic Up By 17%; Prosecutors Seek Arrest of Co-Founder

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With the implosion of the LUNA coin, the Terra ecosystem was devastatingly hit within a few days in May 2022. The successor, Luna Classic (LUNC), currently once again surged in price.

LUNC briefly rose to $0.00019439, registering a 20% price increase. At press time, the LUNC price showed a correction. However, LUNC was still at $0.00018 and showed a price increase of 11% over the last 24 hours.

LUNC price, 4-hour chart. Source: TradingView

The background for the sudden pump was the fact that Binance destroyed more than 6 billion LUNC in the sixth batch of the Terra Classic token burn on Thursday. Binance sent $1 million worth of LUNC tokens to a dead address, wiping out 12.77 million LUNC.

With the current token burn, Binance has now destroyed nearly 20 billion LUNC tokens.

The leading crypto exchange introduced the Terra Classic (LUNC) burn mechanism for trading fees in September this year. It was a response to a LUNC community proposal.

All trading fees for LUNC spot and margin trading pairs are burned by Binance by sending them to the LUNC burn address. The specific amount of LUNC burned and the on-chain transaction ID are published each month.

With the token burn, the LUNC community aims to make the token deflationary by destroying tokens and thus reducing the overall supply.

According to the supply/demand theory, an increase in value occurs when the supply decreases and the tokens become rarer. For the moment, this seems to work quite well as LUNC has seen green daily candles on most occasions when the burn took place.

Terra Co-Founder Facing Arrest In South Korea?

In other Terra ecosystem news, Terraform Labs Pte. Ltd. co-founder Shin Hyun-Seung, also known as Daniel Shin, and seven other Terra employees are facing a court hearing in South Korea today.

The hearing from South Korean prosecutors is for the issuance of an arrest warrant for the eight individuals. To that end, hearings began today for Shin and the other Terra employees.

According to the Korea Times, Shin is accused of making illicit profits of over 140 billion Korean won, the equivalent of about $107 million, from the cryptocurrency LUNA.

He is accused of promoting the Terra stablecoin as a payment method despite multiple warnings from regulators and misusing the private data of Chai Corporation users to promote Terra Luna.

South Korean prosecutors accuse Shin and his partners of violating the Capital Markets Act and the Electronic Financial Transactions Act, as well as dereliction of duty.

Shin denies the charges, claiming that he sold over 70% of his LUNA holdings before the price spike. Also, he’s claiming that he still held a significant amount of LUNA during the May collapse.

A decision is expected either in the late Friday evening hours in South Korea or on Saturday.

Remarkably, Terra CEO, Kwon Do-hyung, better known as Do Kwon, is still on the run. South Korean authorities issued an arrest warrant for Do Kwon in September.

In October, his passport was declared invalid by South Korean authorities. Rumors have it that Do Kwon was in Singapore, Dubai and Europe in the meantime.

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