{"id":37430,"date":"2022-12-21T12:01:32","date_gmt":"2022-12-21T12:01:32","guid":{"rendered":"https:\/\/lydian.io\/?p=37430"},"modified":"2022-12-21T12:01:34","modified_gmt":"2022-12-21T12:01:34","slug":"bitcoin-price-fails-to-reclaim-17000-as-market-is-unprepared-for-a-drop","status":"publish","type":"post","link":"https:\/\/lydian.io\/bitcoin-price-fails-to-reclaim-17000-as-market-is-unprepared-for-a-drop\/","title":{"rendered":"Bitcoin price fails to reclaim $17,000 as market is 'unprepared' for a drop","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 38 Second <\/div>\n\n <\/div>

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Bitcoin (BTC) divided merchants once more on Dec. 21 as sideways motion in BTC worth divided opinion on the long run.<\/p>\n

BTC\/USD 1 Hour Candlestick Chart (Bitstamp). Supply: TradingView<\/p>\n

$17,500 turns into widespread BTC worth goal<\/h2>\n

Information from Cointelegraph Markets Professional and trading view<\/a> BTC\/USD adopted because it ranged just under $17,000.<\/p>\n

A single transient surge above $17,000 didn't final, the pair returning to acquainted territory from final week.<\/p>\n

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> a fast drop in the direction of $10,000.<\/p>\n

\"I would like it to carry $16.7k to see Bitcoin proceed,\" mentioned Micha\u00ebl van de Poppe, founder and CEO of buying and selling firm Eight, told<\/a> Twitter followers on December twentieth:<\/p>\n

\"It is advantageous for now. Some sideways consolidation earlier than breaking $17k for additional continuation to $17.5-17.7k.<\/p>\n

Fellow dealer and analyst Elizy I Agree<\/a> 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.<\/p>\n

\u201cHolding 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,\u201d he commented<\/a> subsequent to a chart of the day.<\/p>\n

Annotated BTC\/USD chart. Supply: Crypto Tony\/ Twitter<\/p>\n

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.<\/p>\n

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

\"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<\/p>\n

However, Crypto's Il Capo warned, removed from optimistic, {that a} transfer decrease would shock market contributors.<\/p>\n

\"Most individuals aren't ready for what's coming, and it exhibits,\" he mentioned tweeted<\/a>echoing a tone in place for a lot of the yr.<\/p>\n

Il Capo by Crypto as well as written down<\/a> that \u201csome altcoins are already main the decline, breaking key helps and most of them making new lows.\u201d <\/p>\n

\"So calm that you just're not out there,\" he added:<\/p>\n

US greenback steady after Japan shock<\/h2>\n

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

See Also: 'Forget a Pivot' - Markets won't see Fed rate cut boost in 2023, analyst says<\/strong><\/p>\n

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

US Dollar Index (DXY) 1 hour candlestick chart. Source: TradingView<\/p>\n

\u201cDXY lower as other currencies relatively stronger due to restrictive policies \u2014> stocks + crypto down\/sideways,\u201d commenter Tedtalksmacro summarized<\/a> A part of a Twitter response to the BoJ.<\/p>\n

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.\n<\/p>\n