Bitcoin price fails to retake $17K with market ‘not prepared’ for dip

Bitcoin (BTC) divided traders yet again connected Dec. 21 arsenic sideways BTC terms enactment divided sentiment connected the future.

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

$17,500 becomes fashionable BTC terms targe

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD arsenic it acted wrong a choky scope conscionable beneath $17,000.

A azygous little spike supra the $17,000 people failed to last, the brace returning to acquainted territory from the past week.

For fashionable traders, determination was a deficiency of consensus, with immoderate calling for an eventual breakout to the upside and others demanding a accelerated autumn toward $10,000.

“I’d privation it to clasp $16.7K successful bid to spot continuation connected Bitcoin,” Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, told Twitter followers connected Dec. 20:

“For now, it’s fine. Some sideways consolidation, earlier breaking $17K for further continuation to $17.5-17.7K.”

Fellow trader and expert Elizy agreed connected the imaginable for a rethink erstwhile $17,500 hit, portion Crypto Tony besides eyed that portion arsenic a enactment successful the sand.

“Holding that EQ would inactive contiguous a bully accidental for america to pump to the proviso zoned astir $17,300 - $17,600. My halt nonaccomplishment connected my abbreviated is if we adjacent supra $17,600,” helium commented alongside a illustration connected the day.

BTC/USD annotated chart. Source: Crypto Tony/ Twitter

Trading assets Game of Trades, meanwhile, eyed the imaginable for the S&P 500 to punish bears next.

“Short compression setup successful the works for the market,” it predicted alongside a put/ telephone ratio illustration for the index:

“A large determination up and it's crippled implicit for each these puts.”

S&P 500 aggregated put/ telephone ratio annotated chart. Source: Game of Trades/ Twitter

Far from bullish, connected the different hand, Il Capo of Crypto warned that a downside determination would instrumentality marketplace participants by surprise.

“Most radical are not prepared for what is coming and it shows,” helium tweeted, echoing a code successful spot for overmuch of the year.

Il Capo of Crypto additionally noted that “some altcoins starring the driblet already, breaking cardinal supports and astir of them making caller lows.”

“So calm being retired of the market,” helium added:

U.S. dollar unchangeable aft Japan shake-up

After surprise events involving the Bank of Japan (BoJ) the time prior, the U.S. dollar began to consolidate aft seeing a caller drop.

Related: ‘Forget a pivot’ — Markets won’t spot Fed complaint chopped boost successful 2023, says analyst

The U.S. Dollar Index (DXY), ostensibly inactive inversely correlated to crypto markets, focused connected the 104 people astatine the clip of writing.

U.S. dollar scale (DXY) 1-hour candle chart. Source: TradingView

“DXY little owed to different currencies becoming comparatively stronger connected hawkish argumentation —> stocks + crypto down/sideways,” commentator Tedtalksmacro summarized successful portion of a Twitter absorption to the BoJ.

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