\nBitcoin Price Prediction: Under the influence of expanding channel the BTC price is at risk of prolong correction\t\t\t\t<\/p>\n
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Published 1 min ago <\/p>\n
Bitcoin Price Prediction: On November 21st, the crypto market put in a sudden surge in selling pressure as the Binance CEO Chenpeng Zhao \u2018CZ\u2019 stepped down from the com<\/a>pany. As a result, the leading cryptocurrency Bitcoin witnessed a 3% intraday drop and continued its sideways action below the $38,000 resistance. However, a look into the Daily time frame Chart shows this consolidation as the formation of an expanding channel pattern. Here\u2019s how this pattern could influence the near future trend of Bitcoin.<\/span><\/p>\n <\/p>\n Also Read: Fed Minutes: How Bitcoin Price Reacted To Interest Rate?<\/a><\/p>\n <\/p>\n The ongoing recovery in Bitcoin price<\/a> started to show a waning bullish momentum as the buyers struggled to surpass the $38000 barrier. The overhead supply has led to a sideways action, projecting no initiation from buyers or sellers.\u00a0<\/span><\/p>\n However, this consolidation respects two diverging trendlines, indicating the formation of an expanding channel pattern. With an intraday gain of 2.4%, the coin price rebounded from the pattern\u2019s lower trendline to a current trading value of $36,600.\u00a0<\/span><\/p>\n<\/blockquote>\n In theory, this chart pattern is a sign of increasing uncertainty as prices make larger swings. Under the influence of rising selling pressure, the BTC price would likely break below the lower timeline, which would pave the way for extended correction.\u00a0<\/span><\/p>\n The post-breakdown rally would likely tumble the BTC price 7% down to hit $33,400<\/span><\/p>\n <\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n 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.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nBitcoin Price Prediction: Bearish Pattern Hints Extended Correction<\/b><\/h2>\n
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8,000 Bitcoin Withdrawn from Binance Exchange<\/h2>\n
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In a recent post on the X platform, the crypto analyst James V. Straten<\/a> highlighted that the Binance exchange has seen a significant outflow of about 8,000 Bitcoins, valued at around $288 million, following CEO Changpeng Zhao\u2019s admission of guilt to money laundering charges. In just 12 hours, the exchange\u2019s Bitcoin balance dropped from 665,000 to 657,000, which is Almost 100k coins left since June at around $750. This development reflects the shaken trust in the exchange\u2019s ability to securely handle large cryptocurrency volumes<\/span><\/p>\n\n
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