BTC Price Increases Significantly Past $17K

The global cryptocurrency market has displayed a positive trend over the weekend as gains continue, with the recent Bitcoin price movement showing a strong recovery. The current market performance is giving optimistic signs, and while the market is still facing stressful situations, it is showing signs of resilience. The ongoing recovery is likely to continue, but this depends on how strong enough the buyers are to sustain the momentum.

FTX Collapse Continues To Rock The Market

Gemini exchange appears to be the latest victim of the FTX collapse contagion as the market continues to face rigorous turbulence. Recent reports have revealed that Genesis owes crypto exchange Gemini almost $1 billion. The Gemini fund situation could worsen given the liquidity crisis Barry Silbert’s company Digital Currency Group faced. Earlier, cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy, citing the impacts of the market meltdown occasioned by the collapse of Sam Bankman-Fried’s crypto empire.

Recent reports show that crypto exchange Gemini may face a more devastating crisis as it is required to pay almost $1 billion to its creditors, with the Winklevoss brothers trying to recover funds. However, challenges continue to unravel as Financial Times reports show that Gemini has assembled a creditor’s committee to recover its users’ funds. Accordingly, speculators suggest that Genesis could be potentially bankrupt, but the company has hinted about restructuring plans with hopes of avoiding an FTX scenario.

Hoo exchange is another firm that has been added to the list of companies going under amidst the FTX debacle. According to a tweet on December 4 by a popular Twitter account, Hoo Exchange has deleted its official website while user funds remain locked.

The word around town is that another CEX @Hoo_exchange deleted their website and holding customer funds. That’s why Go DeFi and download SAITAPRO your funds are SAFU #saitama #saitapro #DeFi pic.twitter.com/5niaM9Kz8c

— Aaron🐺Saitama (@AaronSaitama) December 5, 2022

The move by Hoo exchange comes after months of inactivity because, since July, the Hong Kong-based website had kept its users in the dark and never provided any details about funds. The not-so-popular exchange halted withdrawals around the same time, leaving funds belonging to users trapped. The Hoo crisis has not attracted much attention, given its smaller size than FTX. Hoo website’s social media handles have also been inactive for several months, prompting concerns and registrations of complaints against the exchange at a local police station.

However, the market is continuing to strengthen following an influx in capital, which will likely attract further investments. In addition, while there are difficulties in the aftermath of major companies collapsing, the global market cap value is estimated to be $855.12 billion.

Bitcoin Price Turns Bullish

The latest price movement for Bitcoin shows a considerable improvement, with data showing that the flagship crypto is up 2% over the last 24 hours and is trading at $17,323 according to data from CoinMarketCap at the time of this writing. The big crypto has risen 7% over the past week. 

Data from CoinMarketCap shows Bitcoin has a live market capitalization of over $333.79 billion, a 24-hour trading volume of more than $20.8 billion, at a circulating supply of 19,224,787 BTC. The price trends have been undergoing constant variation for the past week, but now a continuation of the bullish trend can be seen on the price chart, which on Saturday.

BTC price action appeared to have formed a cup and handle chart pattern on the 12-hour chart. This is a significantly bullish chart pattern that, if confirmed, could trigger massive buy orders.

At the time of writing, the price of the pioneer cryptocurrency was fighting immediate resistance from the psychological level at $17,500. For Bitcoin to continue the uptrend, it needed to record a daily candlestick close above this level, which is just above the handle’s high.

After clearing this hurdle, the next move would be to close above the pattern’s neckline around $17,805; this move would confirm a breakout from the governing chart pattern. If this happens, BTC would spike 13% on the upside to reach the technical target of the chart pattern above $20,140. If this happens, it would represent a 16% ascent from the current price.

BTC/USD Daily Chart

Supporting this outlook was the bullish Moving Average Convergence Divergence (MACD) indicator which continues to its upward movement after abandoning a sell signal on November 29. This is an indication that Bitcoin’s sentiment remains positive. Note that BTC’s upward trajectory will gain momentum once the MACD moves further away from the zero line in the positive region. 

Moreover, the position of the Relative Strength Index (RSI) in the positive region implied that there were more buyers than sellers in the market, accentuating the positive narrative. The price strength at 63 suggested that the Bitcoin price action favored the upside.

The recent changes for Bitcoin show optimism, but the sentiment is not shared by other coins showing negative stats. However, as Bitcoin has turned bullish, there is a chance the rest may follow. If the positive trend proves dominant, it will be a hopeful moment for the market amid the collapse of major crypto-related firms.

On the downside, failure to overcome resistance at the$17,500 level would see BTC price turn down toward the cup handle low at $16,760 ot to the 50-period simple moving average (SMA) around $16,660. Sliding below this point may see Bitcoin price drop lower to tag the bottom of the cup around $15,500

IMPT Token Readies for IEO

Meanwhile, investors that signed up for the IMPT project will be allowed to claim their IMPT tokens beginning December 12, 2022. To do this, those who bought the token will have to connect the wallets they used to buy the tokens initially. The token will then be dropped into their wallets.

In the 21st Century, going green is no mean achievement. Cognizant of this fact, almost $13.6 million has already been raised for this environmentally friendly project. It is worth noting that once the presale is over, Uniswap, LBank, and Changelly Pro will list IMPT for trading.

🚨 Exchange listing alert! 🚨

😎 Attention, #IMPT Crew – we have massive news to share!

After the presale ends on December 11, the $IMPT token will be listed on Uniswap! 🎉

Listing date: December 14

Grab some $IMPT now before it’s too late! ⬇️https://t.co/N1w1ENFKVG pic.twitter.com/y7AVftPlXs

— IMPT.io (@IMPT_token) December 2, 2022

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