BTC Falls Below $17,000 – How Low Can it Go?

  Cryptocurrency News   Dec 17, 2022   689

The prediction for the price of Bitcoin has become bearish as BTC has fallen below an upward channel if BTC closes outside of this channel it is likely to decrease to $16,775

BTC Falls Below $17,000 – How Low Can it Go?

The US session saw further selling in BTC after worse than-expected US Flash Services PMI on Friday disappointed market participants. Traders appear to be anticipating further rate hikes from the Federal Reserve and the European Central Bank. 

The cost of wholesale products excluding food and energy has decreased this trend may be due to improved supply chains and reduced demand resulting from higher borrowing rates. it supports the claims of economics that commodity price has started falling.

The producer price index (PPI) also indicated a slowdown in inflation. the 0.6% increase in the cost of final-demand items was reportedly responsible for the increase in PPI excluding food energy and trade services in October the PPI increased by 0.2% lower than the 0.4% consensus estimate and annual prices fell from 8.4% to 8.0%



The headline Flash US PMI Composite Output Index showed 44.6 down from 46.4 in November signaling the joint fastest fall in business activity in over two and a half years. 


The crypto market appears to be ignoring worse-than-expected economic events and continues to fall in response to Fed and ECB rate hike decisions.



The United States Securities and exchange commission (SEC) has extended the deadline for deciding whether shares of ARK 21 shares Bitcoin exchange-traded fund can be listed on the Chicago Board Options Exchange BZX Exchange. 


It postponed the decision on whether to approve ARK invest stock picking firm run by cathie wood to offer a spot Bitcoin exchange-traded fund until January 27, 2023. 

Bitcoin's current price is $16,985 and the 24-hour trading volume is $22 billion. Bitcoin's price has decreased by more than 2.5% since yesterday. 


The BTC/USD pair was gaining support during the Asian session at $17,250 which was extended by the 50-day moving average, increased bearish pressure triggered a bearish crossover below $17,200 causing the BTC/USD pair to fall toward $16,750

Bitcoin indicates that the price may continue to fall. this is further supported by the fact that the BTC/USD pair has recently broken through an upward channel in the 4-hour timeframe which is often seen as a bearish signal. 

The Price of BTC will likely head toward the $16,775 support level a double bottom that has previously provided support during periods of price decline. 

The live Bitcoin price today is $16,696.82 USD with a 24-hour trading volume of $25,650,674,033 USD. Bitcoin is down 4.06% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $321,178,411,432 USD. It has a circulating supply of 19,235,900 BTC coins and a max. supply of 21,000,000 BTC coins.

 

Bitcoin Price Statistics BTC price change in 24 hours is -$648.41 of 3.79% and 24 hours low is $16,584.70 and 24 hour high is $17,505.53 with 40.03% Market Dominance. 

BTC's 7-day low is $16,584.70 and 7 day high is $18,318.53 with 12240.59% Bitcoin ROI. 

The global crypto market cap is $802.36B, a 5.51% decrease over the last day.

The total crypto market volume over the last 24 hours is $49.92B, which makes a 49.32% increase. The total volume in DeFi is currently $2.83B, 5.68% of the total crypto market 24-hour volume. The volume of all stablecoins is now $45.86B, which is 91.88% of the total crypto market 24-hour volume



Bitcoin’s dominance is currently 40.05%, an increase of 0.63% over the day.

Related: Is Binance Fail? Binance goes down everything else will crumble?

Tags