BTC price hits new December low as Bitcoin dips 2% with Asia stocks

Bitcoin (BTC) deed caller month-to-date lows connected Dec. 7 arsenic Asian markets fell during trading.

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

$16,500 stands arsenic enactment arsenic BTC terms wobbles

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to lows of $16,736 connected Bitstamp, a level not seen since Nov. 30.

The brace frankincense began to erase the crushed it had reclaimed into the November monthly close, showing dense power from Asian equities anterior to the Wall Street open.

The temper was tense connected the day, with Hong Kong’s Hang Seng scale down 3.2% astatine the clip of penning and the Nikkei 225 and Shanghai Composite Index 0.7% and 0.4% lower, respectively.

“Welp, determination we spell with Bitcoin, couldn't clasp enactment and started falling down, conscionable similar indices person been showing weakness,” Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, reacted.

“Have been patiently waiting for a agelong and volition proceed to bash so. Most likely; longing astir $16.5K is valid oregon reclaim $16.9K.”

Popular Twitter trading relationship Profit Blue meantime entertained the anticipation of steeper BTC terms declines to come.

For chap trader Elizy, it was meantime clip to hold for the reemergence of $16,500 for a agelong scalp trade.

A likewise optimistic instrumentality came from Bull, who eyed a potential reclaim of $17,000 adjacent connected shorter timeframes.

Earlier, a scan of the Binance bid publication from on-chain monitoring assets Material Indicators had revealed mounting enactment astatine $16,500.

BTC/USD bid publication information (Binance). Source: Material Indicators/ Twitter

CPI already successful focus

With Bitcoin markets inactive calm compared to November's aggravated volatility, analysts continued to look for upcoming macro cues.

Related: ‘Imminent’ clang for stocks? 5 things to cognize successful Bitcoin this week

These were firmly successful the signifier of adjacent week's United States Consumer Price Index (CPI) print, owed Dec. 13.

For trading steadfast QCP Capital, determination was crushed to judge that the numbers mightiness favour hazard assets erstwhile it comes to declining inflation.

"With retailers struggling with inventory each twelvemonth owed to the user slowdown, it is apt they person utilized Black Friday/Cyber Monday to connection eye-popping discounts successful bid to wide stock, which would origin into the November CPI people released adjacent week," it postulated successful its latest market update on Dec. 5.

QCP remained wary connected stocks' imaginable to enactment successful a sustained rally, however, with a breakdown causing further symptom for correlated cryptoassets.

"While galore are saying that BTC and ETH are lagging equities and should play drawback up, alternatively we spot it arsenic equities having overshot fundamentals and volition soon beryllium reeled back," it wrote.

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