Wednesday, December 6, 2023

Market Watch Dec 21: Bitcoin Continues Bearishness But Optimism Persists.

As the year draws nearer to its end, the crypto market hasn’t recorded significant gains. The top two cryptocurrencies have been struggling to shrug off the bears for quite some time now.

Bitcoin was holding at $16,818, up by 0.05% in the last 24 hours, while Ether up by 0.03% was trading at $1,208 as per data from CoinMarketCap. BTC price is sure to put up a tough fight after registering a 10% selloff last week. It saw green and a slight uptrend after losing momentum. Data suggests that the bulls had reached the $18,000 level and moving averages provided cushion during turbulent times in the broader market.

However, this uptick quickly turned into a seller’s frenzy whereby Bitcoin shattered the 8-day exponential and 21-day simple moving averages and slipped further south into the mid-$16,000 zone. Since then, it has seen slight gains and is near the crucial $17,000 mark. Analysts believe the top cryptocurrency could be setting up for additional selloffs in the coming days with recently breached moving averages confirming this. But a classical crossing of moving averages will entice the bears to add to their positions.

A slip to $16,256 could induce a downswing to challenge the yearly low at $15,476 for a 7% decline. If it declines more, the BTC price would grace the lows of $14,000. Meanwhile, Bitcoin is seeing an uptrend, and investors hope that it will maintain the momentum into 2023.

All for the test.

Most Popular