Why Bitcoin price just lost $16K in a ‘typical’ weekend drop

The price of Bitcoin (BTC) has seen volatility within the past 12 hours. The top cryptocurrency fell from $16,400 to $15,750 within hours, rejecting sharply after surpassing the $16,000 resistance earlier this week.

As of Nov. 14, the 20-day moving average of Bitcoin on the daily chart is at $14,600. In the near term, if a pullback occurs, the $14.6K level remains a favorable area for buyers.

An algorithmic trader known as “CryptoGainz” explained that the current market structure of…


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