<br><div data-v-5129e2ea=""><p>Bitcoin (<a target="_blank" href="https://cointelegraph.com/bitcoin-price" rel="noopener">BTC</a>) lingered close to $16,500 on the Nov. 23 Wall Avenue open as United States markets awaited Thanksgiving cues.</p><figure><img src="https://s3.cointelegraph.com/uploads/2022-11/9ef1ae1e-a05e-4e50-b9e9-8a9615c9dd6d.png"/><figcaption style="text-align: center;"><em>BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView</em></figcaption></figure><h2>Grayscale, GBTC nonetheless dominate crypto temper</h2><p>Information from <a target="_blank" href="https://pro.cointelegraph.com/?via=markets&_ga=2.142027444.742658523.1640948929-762064149.1640948929" rel="noopener">Cointelegraph Markets Pro</a> and <a target="_blank" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener nofollow">TradingView</a> confirmed BTC/USD shunning volatility after <a target="_blank" href="https://cointelegraph.com/news/bitcoin-price-returns-to-16k-amid-warning-over-btc-whale-selling" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-price-returns-to-16k-amid-warning-over-btc-whale-selling/amp" rel="noopener">fresh two-year lows</a> the day prior.</p><p>The pair left analysts guessing the day earlier than U.S. markets closed for the Thanksgiving vacation, with crypto commentators nonetheless centered on Digital Foreign money Group (DCG).</p><p>Potential liquidity issues with DCG-owned Genesis Buying and selling continued to agitate these already anticipating additional losses throughout Bitcoin and altcoins.</p><p>As Cointelegraph <a target="_blank" href="https://cointelegraph.com/news/cathie-wood-s-ark-invest-adds-more-bitcoin-exposure-as-gbtc-coinbase-stock-hit-new-lows" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/cathie-wood-s-ark-invest-adds-more-bitcoin-exposure-as-gbtc-coinbase-stock-hit-new-lows/amp" rel="noopener">reported</a>, issues had already unfold to doubt the way forward for the Grayscale Bitcoin Belief (GBTC), the most important Bitcoin institutional funding automobile with property below administration price over $10 billion.</p><p>On Nov. 22, ex-Grayscale CEO Barry Silbert launched a letter to DCG shareholders, <a target="_blank" href="https://twitter.com/Invengine/status/1595142797967126528" rel="noopener nofollow">widely shared</a> on social media, searching for to shore up morale.</p><p>“Undecided learn how to interpret the blended stories round DGC, GENESIS, Grayscale, however Barry Silbert’s letter yesterday gave the crypto market some hopium,” analytics useful resource Materials Indicators wrote in a part of a <a target="_blank" href="https://twitter.com/MI_Algos/status/1595396906120843267/photo/1" rel="noopener nofollow">Twitter thread</a> on the day.</p><p>It added that bulletins on GBTC might nonetheless come after hours in a possible volatility catalyst.</p><p>An accompanying chart of purchase and promote stress on the most important world change Binance confirmed robust resistance in place at just under $17,000. </p><p>On the purchase facet, solely $15,000 introduced any strong assist on the time of writing, with the majority at $14,000.</p><figure><img src="https://s3.cointelegraph.com/uploads/2022-11/70c9e416-4411-42cc-b0e7-3bd2247cf276.png" alt="" title=""/><figcaption style="text-align: center;"><em>BTC/USD order e book knowledge (Binance). Supply: Materials Indicators/Twitter</em></figcaption></figure><h2>“By no means have seen sentiment this dangerous”</h2><p>Commenting on the overall state of the crypto market after the FTX debacle, in the meantime, fashionable commentator William Clemente stated that sentiment shouldn't be confused with Bitcoin’s underlying power.</p><p><strong><em>Associated: <a target="_blank" href="https://cointelegraph.com/news/bitcoin-may-need-1b-more-on-chain-losses-before-new-btc-price-bottom" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-may-need-1b-more-on-chain-losses-before-new-btc-price-bottom/amp" rel="noopener">Bitcoin may need $1B more on-chain losses before new BTC price bottom</a></em></strong></p><p>“By no means have seen sentiment this dangerous,” he <a target="_blank" href="https://twitter.com/WClementeIII/status/1595179526233149442" rel="noopener nofollow">acknowledged</a>. </p><blockquote>“Issues about each centralized firm within the trade, individuals giving up, shedding hope, melancholy. In the meantime the basics of Bitcoin are utterly unchanged. Posting this to revisit when BTC is pushing to new highs in just a few years.”</blockquote><p>In accordance with basic yardstick the <a target="_blank" href="https://alternative.me/crypto/fear-and-greed-index/" rel="noopener nofollow">Crypto Fear & Greed Index</a>, there was nonetheless room to fall, with a rating of twenty-two/100 nonetheless greater than double that which historically accompanies bear market bottoms.</p><figure><img src="https://s3.cointelegraph.com/uploads/2022-11/18429102-af85-4ce0-88ae-3705597275b1.png"/><figcaption style="text-align: center;"><em>Crypto Worry & Greed Index (screenshot). Supply: Various.me</em></figcaption></figure><p>“The phrase lifeless has been quickly circulating round crypto platforms in November,” analysis agency Santiment <a target="_blank" href="https://twitter.com/santimentfeed/status/1595100746026225664/photo/1" rel="noopener nofollow">added</a> in insights of its personal on Nov. 22. </p><blockquote>“As one of many extra bearish sentiment phrases, it is a signal of merchants giving up on markets rebounding. Sarcastically, this capitulation is traditionally when markets rebound.”</blockquote><p class="post-content__disclaimer">The views, ideas and opinions expressed listed here are the authors’ alone and don't essentially mirror or signify the views and opinions of Cointelegraph. </p><template data-name="subscription_form" data-type="markets_outlook"/>
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