Bitcoin (BTC) stayed steady near $17,000 at the Dec. 12 Wall Street open as news involving Binance failed to spark BTC price downside.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Factors line up to “scare” Bitcoin trade
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD avoiding fresh volatility as United States markets opened.
Having traded sideways throughout the weekend, the pair offered few cues to analysts, who were waiting for U.S. macroeconomic data to shake up the status quo.
This, in the form of the November Consumer Price Index (CPI) print, would nonetheless be a pivotal moment for crypto assets, they agreed, with the potential for significant upside and downside hinging on the numbers, due Dec. 13.
Subsequent events involving the Federal Reserve would equally shape price performance, they said.
In the meantime, however, Bitcoin appeared to shrug off news that largest global exchange Binance was reportedly the target of a U.S. money laundering lawsuit.
Appearing in Reuters, a report stated that the Department of Justice (DoJ) was undecided over whether to bring charges against Binance and its CEO, Changpeng Zhao, after an investigation which it began in 2018.
This followed fresh concerns over the exchange’s proof of reserves, which various commentators nonetheless labeled “FUD” as it spread through the media.
“Bitcoin remains stable, altcoins losing value, $BTC dominance bouncing upwards and currently rallying,” Michaël van de Poppe, founder and CEO of trading firm Eight, wrote in part of a summary on the day.
Van de Poppe noted that market participants were still “scared” due to upcoming macro data and legal events tied to the FTX scandal.
Crypto sentiment more broadly remained stronger than the worst case scenario, as per the Crypto Fear & Greed Index, which measured 27/100 on the day — still above its lowes “extreme fear” zone.
Crypto Fear & Greed Index (screenshot). Source: Alternative.me
Risk-asset bottom could come after Fed pivot
On the topic of near-term market action, there were fresh bearish warnings for both crypto and risk assets.
Related: ‘Biggest week of the year’ — 5 things to know in Bitcoin this week
Popular trader Moustache turned to U.S. stocks to remind followers that despite the Fed potentially pivoting on rate hikes, historically, this did not mark a turning point for performance.
“Don’t forget that the stock market has crashed very hard every time in history AFTER the FED’s Pivot,” he commented alongside a chart.
“Possible that the market will make a rally, because of the expectations of a pivot. After the official announcement: Sell the news.”
He added that the result could be a “final bottom for $BTC.”
Analyst Toni Ghinea was similarly wary, telling followers that the BTC/USD bottom would be between $11,000 and $14,000 and come in Q1 next year.
“Bottom is 11-14k. Capitulation is in Q1 2023,” he wrote, also including a bounce target of up to $30,000.
“Ignore the noise.”BTC/USD annotated chart. Source: Toni Ghinea/ Twitter
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Hi there just wanted to give you a quick heads up. The words in your post seem to be running off the screen in Firefox. I’m not sure if this is a formatting issue or something to do with internet browser compatibility but I figured I’d post to let you know. The layout look great though! Hope you get the problem solved soon. Kudos
I used to be more than happy to search out this web-site.I needed to thanks for your time for this glorious learn!! I positively enjoying each little bit of it and I’ve you bookmarked to check out new stuff you weblog post.
Hello there, I found your site via Google at the same time as searching for a related matter, your website came up, it appears to be like good. I’ve bookmarked it in my google bookmarks.
female viagra online india
buy tadalafil online usa
order colchicine online
how much is augmentin 625mg generic of augmentin cost of augmentin in singapore
dapoxetine 30 mg tablet price