Bitcoin has started a new week at the low of $16,000 showing very minimum upward momentum. The topmost cryptocurrency continues to trade in a narrow range as volatility is yet to appear.
At the time of writing this article, Bitcoin was trading at $16,964 down by 1.19% in the last 24 hours. Ether, down by 1.60%, was holding its own at $1,252. The broader crypto market is in red. Doegcoin is the biggest loser. It lost 8.04% in the last 24 hours. Avalanche was down by 4.30%, Uniswap 3.73%, Shiba Inu 3.71%, Tron 3.62% and Solana 3.24%.
Joe DiPasquale, CEO of BitBull Capital, highlighted that Bitcoin was near the $17,000 threshold. He said the CPI, Federal Open Market Committee (FOMC) verdict and the US Labor Department’s latest jobless claims report could affect prices. The expert expects volatility but the bias remains to the upside. Bitcoin is likely to move to $20,000 with $16,000 at the bottom.
Moreover, Bitcoin miners are struggling because sentiment lacks inspiration and traders are increasingly drawing comparisons to the pits of previous bear markets. The latest CPI which is due on December 13 is of some importance to the market. There are chances of a Santa rally, meaning that Bitcoin can surge. Material Indicators expect volatility.