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

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

#Bitcoin #price #fails #reclaim #market #unprepared #drop Welcome to InNewCL, here is the new story we have for you today:

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Bitcoin (BTC) divided traders again on Dec. 21 as sideways movement in BTC price divided opinion on the future.

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

$17,500 becomes popular BTC price target

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged just below $17,000.

A single brief surge above $17,000 did not last, the pair returning to familiar territory from last week.

There was a lack of consensus among popular traders, with some eventually calling for a breakout to the upside, others calling for a breakout to the upside Challenging a rapid drop towards $10,000.

“I want it to hold $16.7k to see Bitcoin continue,” said Michaël van de Poppe, founder and CEO of trading company Eight, told Twitter followers on December 20th:

“It’s fine for now. Some sideways consolidation before breaking $17k for further continuation to $17.5-17.7k.

Fellow trader and analyst Elizy I Agree on the potential for a rethink once $17,500 is reached, while Crypto Tony also viewed this zone as a line in the sand.

“Holding that EQ would still be a good opportunity for us to pump into the $17,300-$17,600 supply zone. My stop loss for my short is if we close above $17,600,” he commented next to a chart of the day.

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

Trading resource Game of Trades, meanwhile, is eyeing the potential for the S&P 500 to be the next to punish bears.

“Short squeeze setup in the works for the market,” it says predicted next to a put/call ratio chart for the index:

“One big move up and it’s game over for all those puts.”S&P 500 Aggregate Put/Call Ratio, Annotated Graph. Source: Game of Trades/ Twitter

On the other hand, Crypto’s Il Capo warned, far from optimistic, that a move lower would surprise market participants.

“Most people aren’t prepared for what’s coming, and it shows,” he said tweetedechoing a tone in place for much of the year.

Il Capo by Crypto in addition written down that “some altcoins are already leading the decline, breaking key supports and most of them making new lows.”

“So calm that you’re not in the market,” he added:

US dollar stable 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 Part of a Twitter reaction to the BoJ.

The views, thoughts, and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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