BTC price lurches toward $16K as stocks, dollar wobble in final session

BTC price lurches toward $16K as stocks, dollar wobble in final session

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Bitcoin (BTC) teased much volatility astatine the Dec. 30 Wall Street unfastened with BTC/USD heading ever person to $16,000.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Will caller twelvemonth present “long-awaited volatility?”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wicking down to lows of $16,337 connected Bitstamp.

The brace had been gradually upping the volatility successful the days aft Christmas, arsenic analysts eyed the likelihood of a last burst of enactment earlier the yearly close.

“Last trading time of the twelvemonth for TradFi, but crypto volition commercialized done the vacation weekend. Perhaps we whitethorn spot immoderate of that agelong awaited BTC volatility astir the Weekly/Monthly adjacent and the commencement of 2023,” on-chain investigation assets Material Indicators ventured.

Popular trader and expert Rekt Capital noted that “historically, a beardown indicator of wherever the $BTC bottommost is is erstwhile the bearish BTC Candle 2 performs its Yearly Close.”

Rekt Capital was discussing Bitcoin’s four-year halving cycles, with the twelvemonth aft the halving traditionally 1 of the wide losses.

The worst could beryllium successful by the extremity of the week, helium frankincense argued, “and immoderate downside wicking occurs successful the pursuing Candle 3 is conscionable a bonus for bargain buyers.”

BTC/USD annotated chart. Source: Rekt Capital/ Twitter

On little timeframes, the representation remained unclear, with BTC/USD stuck successful a constrictive scope inactive $1,000 supra its multi-year lows from Q4.

Order publication information from Binance uploaded by Material Indicators showed a deficiency of tangible enactment betwixt the spot terms and $16,000, with absorption stacked astatine $17,000 and higher.

BTC/USD bid publication information (Binance). Source: Material Indicators/ Twitter

As Cointelegraph reported, predictions for Q1, 2023 scope from a betterment supra $20,000 to a caller daze for bulls successful the signifier of a travel beneath $10,000.

Risk assets could spot “some reprieve”

On macro, United States equities opened to humble losses, the S&P 500 and Nasdaq Composite Index some down astir 1% astatine the clip of writing.

Related: Bitcoin 'not undervalued yet' says probe arsenic BTC terms drifts nearer $16K

The U.S. dollar besides looked incapable to publication caller gains successful clip for the extremity of the year, with the U.S. Dollar Index (DXY) continuing a downtrend to circling six-month lows.

“Keep an oculus connected the U.S. Dollar Index DXY here! A breakdown could summation momentum for bullish marketplace dynamics,” a hopeful Caleb Franzen, laminitis of Cubic Analytics, told Twitter followers connected Dec. 29:

“The Fed is inactive tightening, with equilibrium expanse reductions apt to go a important origin successful 2023. Still, hazard assets mightiness person immoderate reprieve soon.”
U.S. dollar scale (DXY) 1-day candle chart. Source: TradingView

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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