Bitcoin (BTC) fell below $17,000 on Dec. 16 as traders warned of overreaction to “FUD” involving exchange Binance and others.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Binance “FUD” fuels bearish BTC moves

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it put in multi-day lows of $16,928 on Bitstamp.

The pair retraced its entire run to one-month highs courtesy of the latest macroeconomic data and policy update from the United States.

Amid ongoing concerns over the solvency of largest global exchange Binance, market sentiment showed what traders argued was a clear case of cold feet.

The evidence, they suggested, simply did not stack up in bears’ favor.