BTC price levels to watch as Bitcoin dives below $17.5K post-FOMC

2 years ago

Bitcoin (BTC) is trending down aft hitting one-month highs astir the latest macroeconomic information and argumentation update from the United States.

Having topped retired astatine astir $18,370 connected Bitstamp connected Dec. 14, BTC/USD is present giving backmost its gains, starring traders to oculus wherever the adjacent reversal whitethorn occur.

Opinions disagree — immoderate pass that enactment levels for bulls to clasp are already tumbling, portion others judge that caller events are conscionable different dot connected the way to overmuch little levels.

Cointelegraph takes a look astatine what immoderate fashionable commentators are looking adjacent for erstwhile it comes to short-term BTC terms action.

Michël van de Poppe: $17,200 indispensable clasp for changeable astatine $20,000

Having called the macro marketplace absorption to the Federal Reserve “relatively boring” this week, Michaël van de Poppe, CEO and laminitis of trading steadfast Eight, says enactment levels are already adjacent for BTC/USD.

With the brace down astir $1,000 from section highs astatine the clip of writing, Van de Poppe eyed $17,200 arsenic a enactment successful the soil for bulls.

After the gains, a higher debased (HL) could beryllium connected the cards next. To the upside, bulls holding enactment whitethorn yet present a Santa rally which includes a travel past the $20,000 mark.

“All successful all, We'll person immoderate consolidation connected Bitcoin, seeking for a HL,” helium told Twitter followers.

“Area to clasp remains the same; $17.2-17.4K. If we do, way towards $20.5K successful 2-4 weeks is open.”

BTC/USD past traded supra $20,000 conscionable earlier the FTX debacle sent the full crypto marketplace tumbling 25% oregon more.

Daan Crypto Trades: Market wants to “take retired everyone”

Bitcoin is reaching for liquidity up and down, fashionable trader and analytics relationship Daan Crypto Trades says.

Having highlighted $17,600 — Bitcoin’s debased from June this twelvemonth — arsenic an important level for bulls, BTC/USD took a substance of hours to caput adjacent lower.

As such, it was wide that some longs and shorts could beryllium punished connected abbreviated timeframes.

“All jokes aside, the marketplace is retired to instrumentality retired everyone connected some sides close now,” Daan wrote successful a consequent tweet.

“Good to support enactment of each the untapped highs & lows to spot wherever terms perchance wants to caput to next.”

That untapped liquidity extended to conscionable supra $17,000 astatine the clip of writing, portion to the upside, $17,750 and up represented merchantability pressure.

Daan antecedently flagged $18,200 arsenic an important level to flip to enactment successful the lawsuit of sustained upside returning.

Crypto Tony: $17,300 "will get hit"

Fellow trader Crypto Tony meantime said helium assumed that $17,300 would marque a reappearance connected the day.

“Hedge abbreviated is doing nicely and halt nonaccomplishment connected Bitcoin connected my anterior agelong astatine $17,300 nary uncertainty volition get deed today. Only took partial profits connected that push, but not a large deal. Not the champion commercialized and not the worse,” helium explained to followers.

A further tweet added that BTC/USD needed to spot further buying involvement for caller upside.

As Cointelegraph reported, determination are galore overmuch much bearish takes connected BTC terms action, including those of Il Capo of Crypto, who inactive believes that wide capitulation is yet to come.

Longer term, Crypto Tony besides refuses to regularisation retired a dive to arsenic debased arsenic $10,000.

BTC/USD traded astatine astir $17,500 astatine the clip of writing, information from Cointelegraph Markets Pro and TradingView showed, conscionable earlier the commencement of trading connected Wall Street.

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

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