Bitcoin (BTC) decreased by 0.47% on Wednesday. BTC finished the day at $16,845, somewhat retracing a Tuesday rise of 2.90%. It is noteworthy that BTC missed $17,000 for the fourth time in five sessions.

BTC increased to a low of $16,934 in the morning after a mixed start to the day. BTC, however, failed to surpass the First Major Resistance Level (R1) at $17,189 and dropped to a low of $16,750 in the early afternoon. In order to close the session's loss, BTC found late support while avoiding the First Major Support Level (S1) at $16,536.

Sam Bankman-Fried and FTX Swamp the Headlines to Test Attitude

Investors were more cautious on Wednesday after the positive trading session on Tuesday. Concerns were raised after hearing about the extradition of SBF to the US, and US politicians are expected to look more closely at the world of digital assets. Also anticipated is a legislative investigation on the connection between FTX and Binance.

Investor morale suffered last week as a result of reports that US authorities intended to pursue Binance with financial crimes. Last week, a hearing was convened by the Senate Banking Committee to talk about the downfall of FTX. Concerns were expressed by lawmakers over Binance's hegemony in the world of digital assets.

SBF testimony can bring Binance back into the limelight and draw more attention from lawmakers.

As attention shifted away from US economic data and business profits, the BTC decoupled from the NASDAQ Index. On Wednesday, the NASDAQ Index increased by 1.54% thanks to stronger-than-anticipated consumer confidence data and encouraging corporate results. FedEx (FDX) and Nike's (NKE) quarterly results provided encouragement.

Today's focus will be on FTX updates, with attention likely focused on US economic statistics. The weekly unemployment claims might change the course of events, barring an adjustment to the Q3 GDP figures. This morning, the NASDAQ mini was up 32.75 points, giving early support.

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