3 reasons why Bitcoin is likely heading below $16,000
Reasons for bearishness include U.S. Federal Reserve tightening, the absence of leverage buyers' demand, and fearful BTC option traders. December will likely be remembered by Bitcoin's (BTC) fake breakout above $18,000, but apart from that brief overshoot, its trajectory was entirely bearish. In fact, the downward trend that currently offers an $18,850 resistance could bring the BTC price below $16,000 by mid-January. Bitcoin/USD price index, 12-hour. Source: TradingView A handful of reasons can explain the negative movement, including the reported withdrawal of Mazars Group auditing firm from the cryptocurrency sector on Dec. 16. The company previously handled proof-of-reserve audit services for Binance, KuCoin and Crypto.com. Additionally, one can point to the bankruptcy of one of the largest cryptocurrency miners in the United States, Core Scientific. The publicly listed company filed for Chapter 11 bankruptcy on Dec. 21 due to rising energy costs, increasing competition, a...