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Bitcoin price fails to reclaim $17,000 as market is 'unprepared' for a drop

Published on

December 21, 2022
Read Time:2 Minute, 38 Second

Bitcoin (BTC) divided merchants once more on Dec. 21 as sideways motion in BTC worth divided opinion on the long run.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Supply: TradingView

$17,500 turns into widespread BTC worth goal

Information from Cointelegraph Markets Professional and trading view BTC/USD adopted because it ranged just under $17,000.

A single transient surge above $17,000 didn't final, the pair returning to acquainted territory from final week.

There was an absence of consensus amongst widespread merchants, with some finally calling for a breakout to the upside, others calling for a breakout to the upside Challenging a fast drop in the direction of $10,000.

"I would like it to carry $16.7k to see Bitcoin proceed," mentioned Michaël van de Poppe, founder and CEO of buying and selling firm Eight, told Twitter followers on December twentieth:

"It is advantageous for now. Some sideways consolidation earlier than breaking $17k for additional continuation to $17.5-17.7k.

Fellow dealer and analyst Elizy I Agree on the potential for a rethink as soon as $17,500 is reached, whereas Crypto Tony additionally seen this zone as a line within the sand.

“Holding that EQ would nonetheless be a very good alternative for us to pump into the $17,300-$17,600 provide zone. My cease loss for my brief is that if we shut above $17,600,” he commented subsequent to a chart of the day.

Annotated BTC/USD chart. Supply: Crypto Tony/ Twitter

Buying and selling useful resource Sport of Trades, in the meantime, is eyeing the potential for the S&P 500 to be the following to punish bears.

"Quick squeeze setup within the works for the market," it says predicted subsequent to a put/name ratio chart for the index:

"One massive transfer up and it is recreation over for all these places."S&P 500 Mixture Put/Name Ratio, Annotated Graph. Supply: Sport of Trades/ Twitter

However, Crypto's Il Capo warned, removed from optimistic, {that a} transfer decrease would shock market contributors.

"Most individuals aren't ready for what's coming, and it exhibits," he mentioned tweetedechoing a tone in place for a lot of the yr.

Il Capo by Crypto as well as written down that “some altcoins are already main the decline, breaking key helps and most of them making new lows.”

"So calm that you just're not out there," he added:

US greenback steady after Japan shock

After this Surprising events at the Bank of Japan (BoJ) the previous day, the US dollar started to consolidate after falling again.

See Also: 'Forget a Pivot' - Markets won't see Fed rate cut boost in 2023, analyst says

The US Dollar Index (DXY), allegedly still inversely correlated to the crypto markets, was centered around the 104 level at the time of writing.

US Dollar Index (DXY) 1 hour candlestick chart. Source: TradingView

“DXY lower as other currencies relatively stronger due to restrictive policies —> stocks + crypto down/sideways,” commenter Tedtalksmacro summarized A part of a Twitter response to the BoJ.

The views, ideas, and opinions expressed herein are solely these of the authors and don't essentially replicate or characterize the views and opinions of Cointelegraph.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : December 21, 2022
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