Bitcoin price target now $13.5K as BTC trader says ‘exit all the markets’

Bitcoin (BTC) ranged round $16,500 on Nov. 17 as markets digested the latest events surrounding trade FTX.

FTX CEO tells of “full failure of company controls”

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD seeing solely delicate volatility at the Wall Street open.

The pair confirmed acclimatization to occasions round the FTX insolvency, the newest together with revelations that Alameda Research had been immune from liquidation whereas buying and selling on the platform.

After the departure of Sam Bankman-Fried, new CEO John Ray III wasted no time in acknowledging the extent of the issues left in his wake.

In a submitting with the U.S. Bankruptcy Court for the District of Delaware, Ray describes the corporate control of FTX as a “full failure.” He wrote:

“Never in my profession have I seen such a whole failure of company controls and such a whole absence of reliable monetary info as occurred right here.”

As Cointelegraph reported, United States lawmakers intend to hold a dedicated hearing on FTX next month, while Bankman-Fried is reportedly subject to efforts to extradite him from the Bahamas.

BTC price action has nonetheless managed to shake off related volatility, as evidenced in the modest reaction to news of contagion impacting the crypto lending arm of Genesis Trading on Nov. 16.

Analyzing the present local weather, nevertheless, standard commentators on Nov. 17 have been removed from optimistic.

“Bulls really want to reclaim $17,600 for us to have the ability to shift properly in a protracted place,” Crypto Tony tweeted, including that “for now bears are in management.”

Il Capo of Crypto, repeating a warning that altcoins might see additional losses of as much as 50%, was even franker in his message to followers.

“I repeat… EXIT ALL THE MARKETS,” he stated on Nov. 16, suggesting that “most individuals should not prepared for what’s coming.”

Bid liquidity affords $13,500 help

On the matter of potential BTC/USD draw back targets, fellow analyst Titan of Crypto flagged numerous high-liquidity zones on trade order books.

Related: FTX Bitcoin stash worth same as Mt. Gox 840K BTC before hack

The largest of those, feedback stated, lies at $13,500.

“Although there’s liquidity to seize round $18.5k, $17.2k and $15.5k, the greater one is decrease at $13.5k,” they said.

Analytics useful resource Material Indicators, in the meantime, calculated the complete bid liquidity between the spot price and $13,000 as $195 million on the Binance order e book.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer entails threat, you need to conduct your personal analysis when making a call.