Bitcoin price continued consolidating in Monday as a somber mood engulfed the cryptocurrency industry. The coin was trading at $16,760, which was slightly above last week’s low of $15,528. It has plunged by over 22% from its highest level this month, making November a nightmare for the coin.

Somber mood engulfs the crypto industry

Bitcoin price remained under intense pressure on Monday as concerns about the crypto industry continue. Recently, the most important crypto news was the collapse of FTX, the second-biggest exchange in the industry after Binance.

Many cryptocurrency investors have decided that they are ready to exit the market. Other well-respected companies such as Voyager Digital or Celius, have also gone bankrupt. There are now concerns about who will take over FTX.

Recent data shows that investor have pulled their cryptocurrencies from crypto exchanges like Binance and OKX. In the last few days, Tether has seen a sharp rise in outflows.

There is still a silver lining to Bitcoin and other cryptocurrency prices. These busts have been a part of the development of every industry. For example, in the early 1900s, tens of banks were going under every year. This ended with the establishment of Federal Reserve.

Meanwhile, the same thing happened the early 2000s when everyone was investing in dot com companies. This was tragically ended when the dot-com bubble burst. Investors lost billions of dollars. Companies like Amazon, Cisco, Google and Cisco have prospered since then.

Therefore, a silver lining in FTX’s crash is that regulators will move into the sector and set guardrails to protect investors. It is possible for more companies to go bankrupt but it is necessary for the weeding out of bad apples.

Bitcoin price forecast

Is it safe to buy Bitcoin now? The situation is fluid at the moment and I expect more negative headlines. The coin has crashed below the important resistance level at $18,156, which was the lowest level on October 13.

Bitcoin has also moved below all moving averages. It also formed a dead-cat bounce and a dead-cat bounce last Friday. These are often signs that there is a continuation. Therefore, the coin will likely continue falling in the near term as sellers attempt to move below the support at $15,000. It’s going to get worse before it gets better.

How to buy Bitcoin

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.

Buy Bitcoin with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp, a fully-regulated company, offers users an intuitive interface and high levels of security for digital assets. It also provides excellent customer support. There are many withdrawal options.

Bitstamp – Buy Bitcoin Today