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bitcoin (BTC) ranged around $16,500 on November 17 as markets digested the latest events FTX surrounding exchange.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

FTX CEO Recounts ‘Complete Failure of Company Controls’

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD saw only slight volatility at the open of Wall Street.

The pair showed an acclimatization to events around FTX’s insolvency, with the latest including revelations that Alameda Research had been immune to liquidation while trading on the platform.

After the departure of Sam Bankman-Fried, new CEO John Ray III was quick to recognize the extent of the problems left in his wake.

In a filing in the United States Bankruptcy Court for the District of Delaware, Ray describes corporate control of FTX as a “complete failure”. He wrote:

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial reporting as has happened here.”

As Cointelegraph reportedU.S. lawmakers plan to hold a dedicated hearing on FTX next month, while Bankman-Fried is reportedly subject to efforts to extradite him from the Bahamas.

BTC price action nonetheless managed to shake off related volatility, as evidenced by the modest reaction to the news of contagion affecting the crypto lending arm of Genesis Trading on November 16.

Analyzing the current climate, however, popular commentators on Nov. 17 were far from optimistic.

“Bulls really need to recoup $17,600 so we can move well into a long position,” Crypto Tony tweetedadding that “for now the bears are in control”.

Crypto’s Il Capo, repeating a warning that altcoins could suffer further losses of up to 50%, was even more outspoken in his message to followers.

“I repeat… LEAVE ALL MARKETS,” he said. declared on November 16, suggesting that “most people aren’t ready for what’s to come.”

The liquidity of the offers offers support of $13,500

On potential BTC/USD downside targets, fellow analyst Titan of Crypto reported various high-liquidity areas on stock market order books.

Related: FTX Bitcoin reserves same value as Mt. Gox 840K BTC before hack

The largest of them, according to reviews, is at $13,500.

“While there is cash to grab around $18.5k, $17.2k, and $15.5k, the biggest is below $13.5k,” they said.

The Analytics Material Indicators resource, on the other hand, calculated the full supply liquidity between the spot price and $13,000 to $195 million on Binance’s order book.

BTC/USD order book data (Binance). Source: Materials Indicators/Twitter

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.