Bitcoin (BTC) Price Close To This Level For Next Support Range?

Bitcoin (BTC) Price News: The crypto market is showing signs of improvement after November’s bloodbath that saw most assets dipping to very low levels. But the current environment is far from gaining stability towards a comprehensive bull run. Meanwhile, crypto exchange Binance is striving hard to prove that it is of sound financial health and that its reserves strongly back user assets. The last few weeks saw FUD over BNB coin after the crypto community raised concerns over the exchange’s policy on full transparency.

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BTC Close To Finding New Support?

While BTC is stagnant around the current price range, it is yet to find a crucial support level. It can also be said that the top cryptocurrency needs to break the $16,900 resistance level to find a continuous price action upwards. As of writing, BTC price stands at $16,815, up 0.30% in the last 24 hours, according to price tracking platform CoinMarketCap. In this context, crypto traders believe Ethereum (ETH) is showing better resilience in comparison.

Michaël van de Poppe, a crypto trader, believes that BTC could have strong continuation if it breaks the $16,900 level. He also believes that BTC could see a price breakout in the context of Binance taking over Voyager assets. The Voyager asset deal, valued at $1.022 billion, could help the crypto lender unlock customer funds. With a distinction of being the biggest cryptocurrency exchange by trading volume, Binance faced some flak recently over its asset reserves.

“Bitcoin needs to crack $16.9K and then we can have strong continuation. Ethereum shows more strength regardless.”

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The news of auditing firm Mazars suspending its services to several crypto exchanges including Binance has only compounded the situation for the company. Following the Mazars announcement, the BNB coin price dipped, making it even worse for Binance. However, the top 5 ranked cryptocurrency appears to be on the road to normalcy.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.