Bitcoin has showed some movement signs: Priced at $16,700
The aftershocks of Fed Chairman Powell's statements continue in the markets. Stocks are down on the first day of the week, cryptocurrencies are trying to recover, Bitcoin started the day at $ 16,700.
Global markets closed the first day of the new week with a decline, and the biggest of cryptocurrencies, Bitcoin, had regressions to $ 16200 and Ethereum to $ 1150 yesterday. While the aftershocks of the Fed's rate hike decision and FED Chairman Powell's statements, which affected the markets last week, continued, the weekly loss of stock markets in the USA reached 7%. Indices hit their lowest level since Nov. The long-standing optimism in the markets that will reduce the rate of interest rate hikes by the FED seems to have lost its effect.
Bitcoin is showed some movement signs: Priced at $16,700
In this week, where the data flow was not very strong, eyes are turned to the data of applications for growth and unemployment benefits coming from the USA on Thursday. The most important news of the new day are from China and Japan. While the pandemic, which still continues intensely in China, continues to force real life, the People's Bank of China did not change the interest rate, left it at 3.65% and continued its policy of supporting the economy. Bank of Japan surprised with yield curve decision. Surprisingly, 10-year bond yields raised the yield band from 25 basis points to 50 basis points, while the Yen appreciated and stocks fell.
Cryptocurrencies are trying to recover the declines experienced on the first day of the week and increase around 3% on average across the market. While an increase of 2% is observed in Bitcoin, we can say that there is an increase of around 3-4% in Ethereum and other altcoins.
20 December Bitcoin Technical Analysis
Testing the levels of $ 16200 yesterday, Bitcoin is priced at $ 16700, rising by around 2% in the morning today. For Bitcoin, which is in a new minor rising trend, the $ 17000 level, which coincides with the 50-day moving average and is important to overcome, appears as resistance in the continuation of the upward movement. If this level is exceeded, a rise to $17780 can be observed. On the downside, $16460 is an important support level. If there is a sharp pullback below this level, the $15500 levels can be retested.
