Bitcoin price is facing resistance near $17,000.BTC could start another decline unless there is a strong move above the $17,000 resistance zone.- Bitcoin recovered higher above the $16,800 resistance zone.- The price is trading above $16,800 and the 100 hourly simple moving average.- There is a rising channel forming with resistance near $17,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
– The pair could resume its decline unless there is a close above the $17,000 resistance zone.
Bitcoin Price Faces Resistance Bitcoin price found support near the $16,250 zone.BTC traded as low as $16,260 and started a recovery wave.There was a clear move above the $16,500 and $16,600 levels.The bulls were able to push the price above the $16,800 resistance and the 100 hourly simple moving average.
The price even spiked above the $17,000 resistance, but upsides were limited.A high was formed near $17,067 and the price is now trading in a range.
Bitcoin price declined below the 23.6% Fib retracement level of the upward move from the $16,260 swing low to $17,067 high.It is now trading above $16,800 and the 100 hourly simple moving average.There is also a rising channel forming with resistance near $17,000 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $17,000 zone.The first major resistance is near the $17,200 zone.A clear move above the $17,200 resistance might call for a move towards the $17,500 resistance.Source: BTCUSD on TradingView.com The next major resistance is near $18,000, above which the price might gain pace and rise towards the $18,450 resistance zone in the coming sessions.Fresh Decline in BTC? If bitcoin fails to clear the $17,000 resistance, there could be a fresh decline.An immediate support on the downside is near the $16,800 level and the channel trend line.
The next major support is near the $16,650 zone.It is close to the 50% Fib retracement level of the upward move from the $16,260 swing low to $17,067 high.A downside break below the $16,650 support might call for a drop towards the $16,260 level.Any more losses might send the price towards $16,000.Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.Major Support Levels – $16,800, followed by $16,650.
Major Resistance Levels – $17,000, $17,200 and $17,500.Research: Russia’s Ukraine invasion led to Bitcoin’s highest sell-off in the past 2 years Oluwapelumi Adejumo · 9 hours ago · 2 min read Using Glassnode’s Revived Supply data, CryptoSlate discovered that Russia’s Ukraine invasion led to the highest Bitcoin sell-off among long-term holders.2 min read Updated: December 20, 2022 at 5:21 pm Cover art/illustration via CryptoSlate The last two years have been very eventful for the crypto space.The industry witnessed astronomic crypto adoption, and Bitcoin (BTC) traded at an all-time high of over $69,000.However, despite this remarkable growth, the industry has witnessed some adverse events that have shaken investors’ confidence.Using Glassnode’s Revived Supply data, CryptoSlate can measure the events that have led to significant sell-offs for the flagship digital asset among long-term holders.Revived Supply is the total amount of coins that returned into circulation after being untouched for at least one year.
In other words, it is the total transfer volume of coins that were previously dormant for over a year.Long-term holders are classified as Bitcoin holders that have held onto the coin for at least six months.The major sell-off events Looking at events of the past two years, long-term holders sold significantly over a seven days period on four different occasions.The four events are: – China’s Bitcoin mining ban in 2021 – The start of the 2021 bull run – Russia’s Ukraine invasion in 2022 – FTX collapse in 2022 According to the above chart, the highest sell-off occurred after Russia invaded Ukraine.During this period, long-term holders sold off 410,000 BTC.Other massive sell-off events happened during the 2021 bull run when long-term holders sold 375,000 BTC and during China’s ban on bitcoin mining when they sold 367,000 BTC.The fourth-highest sell-off event since the COVID pandemic was after the FTX collapse in November.
According to the chart, BTC’s revived supply during that week was 280,000 coins–Chainalysis reported that realized losses touched $9 billion, the fourth highest of 2022.Fear made holders sell Besides the sell-off at the start of the 2021 bull run when investors took profits, BTC’s revived supply generally peaked at a moment of fear for investors.
This was when real-life events caused panic among holding, forcing them to offload Bitcoin.Peak fear happens when Bitcoin, which has been dormant for five years or more, gets sold.These coins are considered ancient coins, and holders must be seriously spooked to lose their conviction and sell.Russia’s invasion of Ukraine appears to have had this effect on investors.
Other events triggered sell-offs, such as the first bull run, the second bull run on November 21, and Luna’s collapse in May 2022.In conclusion, long-term holders who sold in 2021 did for profit, while those who sold in 2022 did because of fear.Read Our Latest Market Report – Bitcoin dumped into a potential bounce region – The coin remained undervalued but on-chain data showed no confirmation to begin buying Bitcoin [BTC], like many other cryptocurrencies, followed through with a downtrend in the just ended 16 to 18 December weekend.Needless to say, the downturn led BTC into an historically favorable position.According to on-chain data source, Santiment, this decrease pushed the king coin into a zone that screamed rebound in value.📉 #Crypto market caps have flushed downward over the weekend and into Monday.
#Bitcoin & #Ethereum are holding up somewhat, but #altcoins have been hit particularly hard.Our model, though, indicates, that several projects are now at historical pain points where bounces occur.
pic.twitter.com/oPZnSFdFkH — Santiment (@santimentfeed) December 19, 2022 Read Bitcoin’s [BTC] Price Prediction 2023-2024 Uncertainty in opportunity Bitcoin, trading below $17,000, had been subject to accumulation period discussions lately.But a staggering inability to turn these projections into reality also plagued BTC.However, has this presumption with respect to past cycles had any effect on the BTC trend? From the on-chain standpoint, Bitcoin was considered below the fair value stance.This assertion came as a result of the position reflected by the Market Value to Realized Value (MVRV) z-score.
Based on Santiment data, the MVRV z-score was -0.314.The metric, not being above 6.9 and seeming residing under 0.1 implied that BTC was hugely undervalued.Meanwhile, this does not give credit to an immediate resurgence.Nevertheless, Bitcoin was not comprehensively positive all round.
CryptoQuant analyst and blockchain technology specialist, Wenry identified reasons investors should exercise caution.In his publication on the market data platform, the analyst noted that the Unspent Transaction Output (UTXO) suggested an extended bear market.At press time, the Bitcoin UTXO in loss was on an increasing trend.Thus, indicating that the last market revival had minimal impact on investor holdings.
On the part of the Network Value to Transaction (NVT) ratio, Wenry pointed out that it was relatively high.Since the ratio was high, it indicated a bearish market sentiment as the value was higher than that around the Terra [LUNA] disaster.Mid-month hesitation? Furthermore, Santiment released its mid-month market update.According to the report, traders’ reluctance to buy BTC was still very much at its peak.
This was due to the coin remaining in the negative territory.As such, it calls for concern about the up-to-date perception towards it.Considering that Bitcoin discussions were high at the beginning of December, increasing social volume and current hesitation in attaching BTC to conversations could move it in a downswing position.However, a recent action had improved interest while another aimed to push down BTC.
In addressing this part, the report read, “The Fed came out with more hawkishness and raised interest rates once again, which pushed equities and crypto down once again.But on a bright side, all of this volatility seemed to have brought some interest back into crypto discussion boards after such a dead period in the middle part of 2022.” In essence, the Bitcoin condition still prevails in skepticism about confirming the bottom or activating a rebound.Thus, exercising patience and observing the market might be the alternative in this uncertainty.After the Bank of Japan (BOJ) announced a surprising turnaround in its monetary policy today, the Bitcoin price managed to rise near the important resistance level of $16,900.
The BOJ announced that it will drastically widen its yield curve control band to 0.50%.At the same time, it announced that it will significantly increase the number of government bonds it will buy each month.According to Bloomberg senior commodities analyst Mike McGlone, this trend could continue.McGlone shared his insights via Twitter and said that a “warm spell” is ahead for Bitcoin.
As the analyst notes, BTC has taken a beating as a risk asset in 2022 with most other cryptocurrencies, but “appears poised to resume its inclination to outperform.” This will happen when the U.S.Federal Reserve eases monetary policy and completes its pivot.Bitcoin Is Set To Outperform When… According to the chart from a Bloomberg Intelligence report, the levels that BTC and the Nasdaq 100 stock index have been resisting have now turned into support.According to the analysis, the BTC price soared in 2020 and 2021 due to unprecedented fiscal and monetary stimulus, allowing it to outperform the stock index.
McGlone further elaborated: At a Bitcoin/ Nasdaq ratio of 1.5x on Dec.16, what’s been consistent for most of the benchmark crypto’s history is its declining relative risk vs.
the stock index.At 2x, Bitcoin’s annual volatility at the end of 2022 compares with 4x at the end of 2021.
In the coming year of 2023, McGlone expects that it will be a matter of how much lower global economies fall.Investors should by no means underestimate BTC then, as the risk/reward ratio is in favor of the leading cryptocurrency.“Risk vs.reward appears to argue against under-allocating or estimating the propensity for Bitcoin to continue its trajectory toward becoming digital collateral,” McGlone claimed.In other words, the Bloomberg analyst predicts that as soon as the U.S.Federal Reserve fires up its money printer again, cuts interest rates and returns to monetary easing, Bitcoin will “outperform” the rest of the market again.
In another tweet, McGlone predicted that the leading cryptocurrency will outperform the Tesla stock.“The near-certain decline in Bitcoin supply compared to the rising number of Tesla shares outstanding favors cryptocurrency outperformance when the rules of economics apply,” McGlone said.
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