In the last 24 hours, Bitcoin (BTC) price breaks below $17K and fell to its crucial support level of $16.5K. The chain of events in the last two days caused the crypto market to crash massively. It started with the U.S. Federal Reserve’s hawkish outlook, tuning sentiment back to negative.
Binance’s auditor Mazars on Friday suspended services including proof of reserves (PoR) for crypto exchanges. It caused massive selling in the crypto market due to the existing Binance FUD. BTC price fell over 4% to hit a low of $17K. Thereafter, a market-wide selloff was seen in cryptocurrencies related to Barry Silbert’s DCG. Crypto influencers believe Genesis and Grayscale could face insolvency.
Crypto analyst CredibleCrypto in a tweet on December 17 shared two scenarios for Bitcoin (BTC) price as it tagged the $16.5K support level again. He remains bullish on Bitcoin price rising over $19K in the short term.
Bitcoin price must hold the $16.5K level to rebound from the level. He predicts the BTC price will touch $17.3K first and should break the $18K resistance to rally towards $19K.
However, if the BTC price breaks below $16.5K support, it can only go to $15.6K. A low of $15K is difficult unless something major happens in the crypto industry. Currently, the BTC price is trading at $16,728. The 24-hour low and high are $16,584 and $17,289, respectively.
Bitcoin holding the support level will also influence Ethereum price to bounce from the $1,070 level. He predicts ETH price to recover above $1,300 in the short term. The ETH price is currently trading at $1,178. The 24-hour low and high are $1,162 and $1,255, respectively.
Also Read: Ethereum (ETH) Price Records December’s Largest Liquidation
Meanwhile, Binance FUD pushes back traders as on-chain data by Glassnode reported under-reporting of Bitcoin in Binance’s self-reported proof of reserves. Binance’s native crypto BNB has tanked almost 18% in a week. The BNB price is currently trading at $235, down 6% in the last 24 hours.
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