Bitcoin bears overpower bulls despite stabilising prices; Will BTC drop below $16,000?

Bitcoin (BTC) bulls have managed to stabilise the maiden cryptocurrency's price after slumping to a two-year low early in the week. Despite the short-term recovery, Bitcoin is still facing a threat of further correction, considering the market is yet to recover fully from the FTX crypto exchange collapse.

Timeline of Bitcoin

Today Binance released its first Merkel Tree Proof of Reserves (PoR) system as a show of its commitment towards transparency following the collapse of giant exchange FTX. However, in a statement, the exchange noted that it would first disclose BTC holdings before sharing details of other tokens and networks “in the next couple of weeks”.

Nayib Bukele, the President of El Salvador, ordered the creation of the National Bitcoin Office, an agency to handle all things Bitcoin. The post El Salvador President Bukele Launches Special Agency to Handle All Things Bitcoin appeared first on BeInCrypto.

BTC's price is rejected from breaking above $16,700 as this region is too strong for bulls.  BTC's price remains bearish in the high timeframe as most traders and investors remain cautious.

On-chain data shows Bitcoin long-term holders have ramped up their selling recently, something that could lead to further plunge in the crypto's price. Bitcoin Exchange Inflow CDD Has Spiked Up Over The Last Day As pointed out by an analyst in a CryptoQuant post, the current rise in the CDD is the largest since 6th October.

BTC/USD Tests 16450 Technicals:  Sally Ho's Technical Analysis – 26 November 2022 Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair moderated after recently trading as high as the 16797.28 level.  Traders tested the 200-hour simple moving average when BTC/USD came off to the 16450.62 area, and similar technical support is currently projected around the 16254 area.

Data shows the Bitcoin mining hashrate has been on a decline recently as the difficulty is currently at all-time high levels. Bitcoin Mining Hashrate Is Down Almost 7% From The Recent High The “mining hashrate” is an indicator that measures the total amount of computing power currently connected to the Bitcoin network.

The Belgian Financial Services and Markets Authority has ruled that Bitcoin and Ethereum are not securities. The post Bitcoin, Ethereum, and Other Cryptos Are Not Securities, Says Belgian Financial Regulator appeared first on BeInCrypto.

A total of 100,000 Bitcoin (BTC) were withdrawn from Coinbase in the past two days, marking the third-largest BTC withdrawal in Coinbase's history. The post Bitcoin worth $1.5B withdrawn from Coinbase in 48 hours appeared first on CryptoSlate.

Wright, the self-proclaimed inventor of Bitcoin, was granted permission to serve legal papers on Cøbra as he sought a declaration of his ownership of copyright to the Bitcoin white paper.

Following promises from Binance CEO CZ, the exchange has released proof of reserves for Bitcoin held on the platform. The post Binance publishes BTC proof of reserves to provide more transparency on customer funds appeared first on CryptoSlate.