Following the FTX event and Bitcoin’s drop to $16,000 last week, Bitcoin repeatedly attacked the $17,000 range but was unable to stabilize above this range. Bitcoin is currently trading in the $16,500 – $16,700 range.
The price is highly compressed, and any escape from this area will be accompanied by sharp and rapid movement. According to the present positive funding rate, a move down towards the net fig stops for lengthy transactions is possible, followed by a move up to the $18,000 channel. As a result, traders should use caution when determining stop-loss, trading volume, and leverage under these situations.
On the other side, the Fomc meeting will be held on November 23rd, and the dot plot output from this conference is crucial. According to everything discussed and the USDT pattern, if there is no fear of war between Ukraine and China, the likelihood of DTC climbing this week is intense.