- The Bitcoin price dropped below $48,000, as the price opened marginally lower during the ongoing session.
- On Thursday, BTC had registered a drop of over 2%, dropping to $48,100.
The Bitcoin price pushed up marginally during the ongoing session, as the price rose marginally during the ongoing session. BTC had started the week on a reasonably bearish note, dropping by 6.48% on Monday and settling at $46,885. However, the price recovered on Tuesday, rising by over 3% and settling at $48,409. The price continued to push higher on Wednesday, rising by 1.51% and settling at $49,139, before dropping back on Thursday and falling to $48,100.
Bitcoin Price Chart Indicates BTC Could Push Back Above $48,000
The Bitcoin price started the previous week on a fairly positive note, rising by over 2% and settling at $50,539. On Tuesday, BTC continued to push up, registering a marginal increase, but fell back on Wednesday, dropping by 0.18%. The price continued to drop on Thursday, falling by almost 6%, and dropping to $47,587, before another drop on Friday saw the price fall by 0.61% and settle at $47,298.
Image: BTC/USD daily
After dropping to $47,298 on Friday, the Bitcoin price pushed up over the weekend, rising by 4.52% on Saturday and 1.41% on Sunday and settling at $50,134. The price fell back in the red on Monday, dropping by over 6% on Monday and settling at $46,885. However, BTC pushed back up on Tuesday, rising by over 3% and settling at $48,409. Wednesday saw BTC continued to push higher, with the price rising to $49,139, but fell back on Thursday, dropping to $48,100 before pushing up during the ongoing session.
We can see that the MACD has flipped to bullish, indicating that we could see the price push higher.
Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC faces strong resistance at around $48,513. At this price level, over 2.2 million addresses have sold more than 1 million BTC.
Image: IntoTheBlock
Looking at the 4-hour Bitcoin price chart, we can see that BTC had pushed up to $50.293 on the 12th. However, BTC could not stay at this level and dropped back significantly, slipping below the 50-bar SMA and settling at $48,939. The price fell further from this level, slipping below the 20-bar SMA and settling at $46,753. The price pushed up from this level, as it rose to $48,402 but could not move past the 20-bar SMA and dropped back to $46,662 on the 15th. BTC surged from this level as it moved past the 20-bar SMA and the 50-bar SMA, settling at $49,248, before dropping back to $47,658, slipping back below the two SMAs. From this level, BTC pushed up to its current level of $47,925.
We can see that the MACD and Parabolic SAR are both bullish, indicating that we could see the price push higher.
Image: BTC/USD 4-hour
Fed Chair Jerome Powell: Crypto Won’t Disrupt US Financial Stability
US Federal Reserve chair Jerome Powell recently hinted that though the government agency should consider monitoring developments in the crypto space, he didn’t see cryptocurrencies as a financial stability concern for US markets.
Addressing a question on crypto from Michael Derby of the Wall Street Journal, Powell supported the conclusions of a report from the President’s Working Group on Financial Markets released on November 1. The report proposed that stablecoin issuers should be subject to “appropriate federal oversight” akin to banks. It added that the legislation was “urgently needed” to address risks.
Powell said:
“Stablecoins can certainly be a useful, efficient consumer-serving part of the financial system if they’re properly regulated. Right now, they aren’t. They have the potential to scale, particularly if they were to be associated with one of the very large tech networks that exist.”
He added:
“You could have a payment network that was immediately systemically important that didn’t have appropriate regulation and protections. The public relies on the government and the Fed in particular to make sure that the payment system is safe and reliable.”
Powell seemed to be backing the Biden administration’s most recent position on digital assets in advance of his Senate confirmation hearing to be the next Fed chair. Having served on the Fed’s board of governors since 2012 and as chair since 2018, Powell is the US President’s pick to work the same role until 2026.
Chainalysis Now Closely Looking At Bitcoin’s Lightning Network
Blockchain analytics unit Chainalysis now has Bitcoin’s Lightning Network under surveillance. The firm recently said that the new capability would assist customers’ security and compliance needs. Chainalysis will add Lightning tracking to its “Know-Your-Transaction” (KYT) offering by next quarter. KYT already monitors activity on Bitcoin and Ethereum, including illicit behaviors flagged by the US Office of Foreign Assets Control (OFAC).
Chainalysis cited Lightning’s growing popularity as motivation for expanding its surveillance suite. Currently, users hold over 3,400 BTC ($162 million) within the Lightning Network. This amount represents a significant increase over Lightning’s 468 BTC ($22.3 million) one year ago.
Chainalysis frequently works with US government agencies during investigations and regulatory enforcement actions related to cryptocurrencies and blockchain. The company has earned at least $10 million from government contracts.
Its first contract was a $9,000 data analysis deal with the Federal Bureau of Investigation (FBI) in 2015. Chainalysis has also done work for US agencies like the Commodities Futures and Trade Commission (CFTC), Drug Enforcement Agency (DEA), Internal Revenue Service (IRS), Securities and Exchange Commission (SEC), etc.
Lightning is Bitcoin’s most popular way for users to reduce fees and increase throughput on the blockchain’s base layer. This “layer 2” scaling solution uses Bitcoin smart contracts to link users via payment channels. Once users have concluded their Lightning activities, they exit the network and settle with finality onto Bitcoin’s blockchain by closing their payment channel.
Bitcoin Price Is Expected To Reach These Levels
Looking at the Bitcoin price chart, we can see that BTC has posted a recovery during the ongoing session. If the current sentiment persists, we could see BTC push to $48,000.