BTC price taps $17K as analysis warns of inbound Bitcoin ‘risk events’

Bitcoin (BTC) concisely returned to $17,000 into Nov. 30 arsenic monthly adjacent volatility loomed.

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

Trader: $17,500 monthly adjacent “most bullish outcome”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD pursuing traders’ predictions to expanse higher levels earlier consolidating.

Highs of $17,072 appeared connected Bitstamp, with the brace nevertheless incapable to flip the highs to support. At the clip of writing, Bitcoin hovered astir $16,900.

$17,000 marks a key scope for bulls to reclaim, Cointelegraph reported the time prior, and until this happens, the presumption quo remains.

“$BTC bulls privation to clasp 16.8k arsenic archetypal antagonistic inclination S/R flip. Back beneath would correspond a insignificant upthrust,” fashionable expert Cheds summarized, revealing a abbreviated astatine the highs.

Hours distant from the monthly candle close, markets expected volatility to footwear in, with losses pursuing the Nov. 27 play adjacent already erased.

“Looking for a monthly adjacent backmost supra 17.5k (June lows) for the astir bullish imaginable result here,” chap expert Credible Crypto wrote successful portion of a Twitter update.

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

At the clip of writing, BTC/USD was down astir 17.5% for the period of November, according to information from Coinglass.

BTC/USD monthly returns illustration (screenshot). Source: Coinglass

BTC terms “risk events” stack up

The macro representation remained unchangeable connected the day, with Asia stocks seeing different time of spot up of the Nov. 30 Wall Street open.

Related: Bitcoin capitulation 4th-worst ever arsenic BTC hodlers suffer $10B successful a week

Hong Kong’s Hang Seng was up 2.2% astatine the clip of writing, with the Shanghai Composite Index managing to recoup archetypal losses.

Hang Seng Index (HSI) 1-hour candle chart. Source: TradingView

Analyzing the prospects for December, however, trading steadfast QCP Capital outlined respective “risk events” for Bitcoin hodlers to instrumentality enactment of.

These came successful the signifier of United States Consumer Price Index (CPI) information connected Dec. 13, this coinciding with United States lawmakers’ initial proceeding connected the FTX debacle.

The time after, the Federal Reserve’s Federal Open Market Committee (FOMC) is owed to outline ostentation expectations and policy.

“Thus we judge that portion much one-off shocks mightiness not beryllium truthful forthcoming successful a marketplace filled with fear, a continued deflation of the crypto marketplace volition proceed good into adjacent twelvemonth arsenic galore are forced to continually merchantability assets to rise liquidity,” QCP commented successful its latest Crypto Circular newsletter:

“This volition apt lone extremity successful precocious Q2-Q3 adjacent twelvemonth erstwhile the existent system gets severely deed from the 4.75% overnight complaint and the Fed is past forced to pivot – releasing overmuch needed liquidity which could past find its mode into crypto markets erstwhile again.”

An other imaginable catalyst for BTC terms volatility, it added, would travel courtesy of reimbursements to creditors of defunct speech Mt. Gox slated for January.

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