Bitcoin (BTC) remained close to $16,500 when Wall Road opened on Nov. 23 as US markets awaited Thanksgiving cues.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Supply: TradingView
Grayscale, GBTC nonetheless dominate crypto sentiment
Knowledge from Cointelegraph Markets Professional and TradingView confirmed BTC/USD avoiding volatility after recent two-year lows the earlier day.
The pair left analysts guessing the day earlier than U.S. markets shut down for the Thanksgiving vacation, with crypto commentators nonetheless specializing in the Digital Foreign money Group (DCG).
Potential liquidity points with DCG-owned Genesis Buying and selling continued to excite these already anticipating additional losses in Bitcoin and altcoins.
As Cointelegraph reported, considerations had been already spreading about the way forward for Grayscale Bitcoin Belief (GBTC), the biggest institutional Bitcoin funding automobile with over $10 billion in belongings beneath administration.
On November 22, Grayscale’s ex-CEO Barry Silbert launched a letter to DCG shareholders that was broadly circulated on social media to spice up morale.
“Undecided tips on how to interpret the blended reviews on DGC, GENESIS, Grayscale, however Barry Silbert’s letter yesterday gave the crypto market some hope,” analytical useful resource Materials Indicators wrote in a part of a Twitter thread that day.
It added that bulletins on GBTC might nonetheless come after hours in a possible volatility catalyst.
An accompanying chart of shopping for and promoting strain on the biggest international trade, Binance, confirmed robust resistance at just under $17,000.
On the purchase facet, solely $15,000 offered strong assist on the time of writing, with the bulk at $14,000.
BTC/USD order e book knowledge (Binance). Supply: Materials Indicators/Twitter
“I’ve by no means seen the temper so unhealthy”
In the meantime, in style commentator William Clemente commented on the general state of the crypto market following the FTX debacle, saying that sentiment shouldn’t be confused with Bitcoin’s underlying power.
Associated: Bitcoin Could Want $1B Extra On-Chain Losses Earlier than Hitting New BTC Value Backside
“I’ve by no means seen such a nasty vibe,” he admitted.
“Concern about each centralized firm within the trade, individuals giving up, dropping hope, melancholy. In the meantime, Bitcoin fundamentals are utterly unchanged. Put up this to double test if BTC hits new highs in a number of years.”
Nonetheless, in keeping with the basic benchmark, the Crypto Worry & Greed Index, there was room to the draw back, with a rating of twenty-two/100, which continues to be greater than double that historically related to bear market bottoms.
Crypto Worry & Greed Index (Screenshot). Supply: Different.me
“The phrase lifeless unfold quickly throughout crypto platforms in November,” analysis agency Santiment added in its personal findings on Nov. 22.
“As one of many extra bearish sentiment phrases, this can be a signal that merchants are giving up on the markets restoration. Satirically, if markets recuperate, this capitulation will likely be historic.”
The views, ideas, and opinions expressed herein are solely these of the authors and don’t essentially mirror or characterize the views and opinions of Cointelegraph.