{"id":8539,"date":"2022-11-14T16:13:46","date_gmt":"2022-11-14T16:13:46","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=8539"},"modified":"2022-11-14T16:13:47","modified_gmt":"2022-11-14T16:13:47","slug":"edward-snowden-says-he-feels-itch-to-scale-back-in-to-16-5k-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8539","title":{"rendered":"Edward Snowden says he feels \u2018itch to scale back in\u2019 to $16.5K Bitcoin"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) returned to $16,500 at the Nov. 14 Wall Street open as bulls tried and failed to break higher.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Snowden hints BTC price echoes March 2020<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD ranging below $17,000 on the day after a dismal weekly close.<\/p>\n<p>The largest cryptocurrency had failed to show convincing signs of recovery after losing more than 25% the week prior thanks to the debacle around exchange FTX.<\/p>\n<p>That debacle was ongoing at the time of writing, with revelations fanning out to include other firms with significant exposure to the defunct exchange.<\/p>\n<p>With little light at the end of the tunnel visible, BTC price action remained unsurprisingly weak.<\/p>\n<p>\u201cMarkets consolidating,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading platform Eight, summarized. <\/p>\n<p>\u201cWould assume we\u2019d be at $10K actually, after the terrible news we\u2019ve received past weeks.\u201d<\/p>\n<p>Trader and analyst Rekt Capital, meanwhile, warned of support-resistance flips in the making thanks to the weekly close, Bitcoin\u2019s lowest in two years.<\/p>\n<p>\u201cThese are BTC Monthly levels shown on the Weekly timeframe,\u201d he tweeted alongside a chart of important focal levels. <\/p>\n<p>\u201cFrom this chart, we can see that $BTC has performed a new Weekly Close below the Monthly level of ~$17300. Initial signs of this level flipping into new resistance this week.\u201d<em>BTC\/USD annotated chart. Source: Rekt Capital\/Twitter<\/em><\/p>\n<p>Other posts on the day warned of the potential for \u201cadditional downside wicking\u201d on BTC\/USD while noting that historically, prior bear markets were still worse in terms of the pair\u2019s descent from cycle highs.<\/p>\n<p>An interesting counterpoint came from Edward Snowden. In a tweet of his own, he signaled that he would be a BTC buyer at current levels, a sentiment he last publicly posted after the March 2020 COVID-19 cross-market crash.<\/p>\n<p>\u201cThere\u2019s still a lot of trouble ahead, but for the first time in a while I\u2019m starting to feel the itch to scale back in,\u201d he stated.<\/p>\n<p>A second tweet stressed that the previous one was \u201cnot financial advice.\u201d<\/p>\n<h2>The dollar gives a \u201cperfect\u201d route to BTC upside<\/h2>\n<p>Stocks offered little respite to crypto bulls on the day, with the S&amp;P 500 and Nasdaq Composite Index down 0.3% and 0.8%, respectively, during the first hour.<\/p>\n<p><strong><em>Related:\u00a0Elon Musk says BTC \u2018will make it\u2019 \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>The U.S. dollar index (DXY) continued consolidation of its own while refusing to add to the prior weeks\u2019 significant retracement.<\/p>\n<p>Popular trading account Game of Trades noted that the daily chart\u2019s relative strength index (RSI) for the DXY had set a new record low for 2022.<\/p>\n<p><em>U.S. dollar index (DXY) annotated chart. Source: Game of Trades\/Twitter<\/em><\/p>\n<p>\u201cSPX is showing strength and DXY is crashing,\u201d a hopeful Bloodgood, another well-known Twitter trader, wrote in part of a fresh update on the day.<\/p>\n<p>\u201cPerfect situation to see some upside.\u201d<em>BTC\/USD annotated chart. Source: Bloodgood\/Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/edward-snowden-says-he-feels-itch-to-scale-back-in-to-16-5k-bitcoin\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) returned to $16,500 at the Nov. 14 Wall Street open as bulls tried and failed to break higher. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Snowden hints BTC price echoes March 2020 Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD ranging below $17,000 on the day after a dismal weekly close. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8539"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8539\/revisions"}],"predecessor-version":[{"id":8541,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8539\/revisions\/8541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8540"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}