BTC’s price range is adjusting in preparation for a possible lineup expansion. Meanwhile, altcoins like XMR, and AXS maintain their bullish momentum. The S&P 500 index dropped 3.37%, but a small positive factor for the crypto markets is that BTC has not followed the equities markets’ lower. This indicates that crypto traders are not worrying and dumping their positions with every downtick in equities. The range-bound action in Bitcoin suggests that traders are avoiding large bets before the Federal Reserve’s rate hike decision on Dec 14th.

At the time of writing, BTC was trading at $16,938.

BTC continues to trade sideways in a narrow range from $16,700 to $17,400 since the start of this month. Last week, the asset was mostly trading above $17k, however, the bulls were not able to push the prices above the resistance of $17,500. Once it breaks and closes above the resistance then we can expect it to rally up to $22k. Bitcoin has strong support around $15,500 (recent low of $15,476).  If it breaks the support, we can expect it to fall further and test the next support which is around $12k.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2$12,500$15,500BTC$17,550$22,500

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptos viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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Filed under: Bitcoin - @ December 12, 2022 10:17 am