BITCOIN STALLS AFTER TWO CONSECUTIVE DAYS OF UPWARD MOMENTUM.
What’s next for Bitcoin? On December 17th, just about a week before Christmas, BTC reached an all-time high of $108,364, coinciding with the election of former President and President-elect Donald Trump. However, it seems Bitcoin might be surrendering last week’s gains as bearish momentum takes center stage during this festive period.
Several fundamental factors have contributed to this week’s price decline, including but not limited to:
Monetary Policy Actions by Fed: Federal Reserve Chair Jerome Powell's recent statements suggest a potential pause in interest rate cuts in 2025. This hawkish outlook could tighten liquidity in financial markets, possibly curbing investment in riskier assets like cryptocurrencies. In response to these comments, Bitcoin's price experienced a temporary dip and is following a similar trend today.
Historical Trends and Market Sentiment:
Bitcoin's holiday season performance has historically been inconsistent, with some years delivering substantial gains and others falling short. This unpredictability shapes current market sentiment as investors weigh historical trends against present conditions. Key factors that could influence the market include the upcoming U.S. weekly unemployment claims report later today and the expiration of U.S. Bitcoin futures scheduled for tomorrow, Friday the 27th.
TECHNICAL VIEW:
The price faced resistance at the blue trendline, with the last 4-hour candle closing below the EMA 50, indicating bearish pressure. Additionally, the RSI is trending toward the 40-30 range, suggesting further room for downside movement.
Given this context, potential downside targets are $93,827, $92,280, and $90,761, with the possibility of further breakdowns below these levels. On the upside, if the price surpasses $99,935, it could rally toward $102,759.
Several fundamental factors have contributed to this week’s price decline, including but not limited to:
Monetary Policy Actions by Fed: Federal Reserve Chair Jerome Powell's recent statements suggest a potential pause in interest rate cuts in 2025. This hawkish outlook could tighten liquidity in financial markets, possibly curbing investment in riskier assets like cryptocurrencies. In response to these comments, Bitcoin's price experienced a temporary dip and is following a similar trend today.
Historical Trends and Market Sentiment:
Bitcoin's holiday season performance has historically been inconsistent, with some years delivering substantial gains and others falling short. This unpredictability shapes current market sentiment as investors weigh historical trends against present conditions. Key factors that could influence the market include the upcoming U.S. weekly unemployment claims report later today and the expiration of U.S. Bitcoin futures scheduled for tomorrow, Friday the 27th.
TECHNICAL VIEW:
The price faced resistance at the blue trendline, with the last 4-hour candle closing below the EMA 50, indicating bearish pressure. Additionally, the RSI is trending toward the 40-30 range, suggesting further room for downside movement.
Given this context, potential downside targets are $93,827, $92,280, and $90,761, with the possibility of further breakdowns below these levels. On the upside, if the price surpasses $99,935, it could rally toward $102,759.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.