Wednesday, February 28, 2024

Market Watch Dec 27: Bitcoin Has Gotten Comfortable at $16,000 – $17,000 Level.

Bitcoin seems to have gotten very much comfortable at the $16,880 mark. It slipped 0.14% in the last 24 hours but managed to hold onto the crucial level. The topmost cryptocurrency is now trading at $16,881 and is likely to continue in the same range during these last few days for the year 2022.

Data suggests that the crypto market will not be able to make significant gains in these last few days given business’ historical, end-of-year slowdown. Edward Moya, the senior market analyst for Oanda, said Bitcoin looks like it might be finding a home between the $16,000 and $17,000 zone. He is encouraged by the court’s approval last week of a $37.5 million bankruptcy loan for Bitcoin miner Core Scientific. The miner reached a deal with some of its lenders to restructure debts. Moya believes Core Scientific is poised to rally. It suggests that investors are in for the restructuring support agreement and are still willing to invest in some of the distressed parts of the cryptoverse.

Rekt Capital, a crypto trader, and analyst outlined that if Bitcoin fails to reclaim $17,150 as support before the end of the year, the top cryptocurrency will establish the $13,900 – $17,150 range as its new playground. BTC price, at its worst, could drop to the Range Low of $13,900 meaning a -20% drop from current prices. Il Capo of Crypto thinks most bears are expecting $10,000, ignoring all support before that level. He sees $11,000 – $13,000 as a very strong support that should hold. Profit Blue, another crypto trader, warned that $10,000 would mark Bitcoin bear market bottom.

All for the test.

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