Flat – Bitcoin (BTC) price remains below $17,000. Markets are relatively quiet heading into Christmas, but indicators point to upcoming declines, which may lead the cryptocurrency to the long-awaited bottom for this cycle.
Bitcoin price insensitive to PCE
Bitcoin price rises to $16,942 on Bitfinex today, December 23, 2022. Cryptocurrency is trading at $16,851 at the time of writing this article. The markets are currently entitled to a doji.
The lack of volatility marks the day, despite the release of data on the Personal Consumer Expenditure (PCE) Price Index in the United States. The PCE for the month of November stands at 4.7%, a percentage which shows a decline in inflationbut that was not enough to move the price of Bitcoin.
A low cloud supporting a bearish forecast
Can Bitcoin experience a bullish bounce by the weekly close, which coincides with Christmas Day? For trader Il Capo of Crypto, the outlook is bearish, emphasizing that “the inability to crack” the $17,000 “says it all “.
The Ichimoku Cloud that halted Bitcoin’s bullish continuity after its impulse above $18,000 recently, and has acted as resistance on a daily basis since, seems support these bearish forecasts by Il Capo of Crypto.
As shown in the graph below, the cloud is dipped below $17,000. Now, a reconquest of this level could be even more complicated.
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How badly can this possible resistance zone preventing a sustainable rally above $17,000 hurt the price of Bitcoin? For trader Rekt Capital, if the cryptocurrency fails to end this month above $17,150, around its December opening level, such a close would then confirm that $17,150 is acting as a resistance.
Rekt Capital Believes Bitcoin Could Fall Afterwards around $15,400, or at levels close to this year’s low. Further, he indicates that this $15,400 would eventually give in facing a new test, “especially after such a weak reaction since November”.
Is Bitcoin thus on its way to new bottoms for this cycle? Rekt Capital has reminded that in 2015, the floor price was reached 547 days before the next halving, against 517 days in 2018. But Bitcoin is at about 500 days from the halving from April 2024 currently.
Statistically, the bottom of these bear markets would not have been reached yet, but Bitcoin so could touch it in 17 to 47 daysreferring to the previous data.
These indicators in favor of the bears are added to the deadly crossing of two averages, which announces further declines. Bitcoin finally seems to be preparing for a return to those famous $14,000, which may (or may not) be the bottom of this cycle.
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