Bitcoin price this week made another attempt to clear the $17.000 resistance level, but it failed and corrected the gains. BTC is currently consolidating near $16.850 and remains at risk of a downside below $16.550.
Likewise, most major altcoins are facing major headwinds. ETH bulls are struggling to keep the price above $1.220. XRP is now sitting well below the $0,38 resistance. ADA is still struggling below the $0,28 resistance zone.
In this article, we will discuss:
US stocks
US stocks rose on Friday the 23rd to record highs, ending the last full trading week of 2022.
The PCE price index – the preferred inflation measure of the Fed – released on Friday morning showed prices rose 5,5% from a year earlier in November and 0,1% from a month earlier, in line with consensus estimates from economists polled by Bloomberg. The number marked a moderation from readings of 6,1% and 0,3% for annual and monthly inflation, respectively, in October.
Last week, after the Fed's policy decision, “the strategists pointed out that the most surprising data point among the authorities' economic projections was an upward revision of their baseline PCE expectations to 3,5% from 3,1% previously at the end of 2023. This suggested to many analysts that the Federal Reserve will need to keep rates at a high level until 2023″.
On Monday, December 26th, US stock and bond markets will be closed due to the Christmas holiday.
Bitcoin price
After a minor downside correction near the $16.550 level, the bitcoin price has returned to its accumulation zone and remains limited. BTC even attempted a steady wave above the $17.100 level, but it lacked momentum and the price corrected gains. An immediate support is near the $16.550 level. The next major support is near the $16.100 level, below which the price could extend losses.
On the upside, the bulls have initial resistance near the $17.100 zone. The next key resistance is still near the $17.500 level, above which the price can rally.
Ethereum Price
O ethereum price also attempted a move above the $1.250 level. However, the bears protected the key $1.230 resistance zone. The price is now moving into a sideways situation near $1.220. The next major support is at the $1.180 level, below which the price can drop to $1.120.
On the upside, an immediate resistance is near the $1.250 level. The main resistance is near the $1.295 level, above which the price could pick up bullish momentum.
Price of ADA, SOL, DOGE and XRP
Cardano Price (ADA) made another attempt to clear the USD 0,265 key resistance zone. However, the bulls failed to gain traction and the price dropped to $0,256. The next major support is near the $0,245 level. On the upside, the bulls need to take the price above the $0,285 resistance zone for the price to gain bullish momentum.
price of solana (SOL) is consolidating near the $11,30 level. The next key support is near the USD 10,90 level. A drop below $10,90 could put a lot of pressure on the bulls.
DOGE price managed to stay above the $0,0710 support zone. If there is a new high, the bulls could position themselves towards resistance near the USD 0,0920 level.
O XRP price it is trading near the $0,3550 resistance and is now stuck near the $0,35 level. The main support is at $0,325. On the upside, the bulls need to take the price above the $0,385 resistance zone for the price to gain momentum upwards to the $0,42 level.
Why do experts think Bitcoin could drop below $15.000 in 2023?
Bitcoin is currently hovering around $17.000 since the global crypto market crashed due to the various macroeconomic environments and systematic risks within the crypto space.
The year 2022 was quite difficult for the cryptocurrency market🇧🇷 Bitcoin is down more than 60% from its all-time highs and is currently hovering around $17.000 per coin, as per reports. As the most popular cryptocurrency on the market has only lost over 60% of its total value since reaching its all-time lows, one can only imagine where the cryptocurrency market, as a whole, will be in the coming years.
Given the current macroeconomic environment and the Federal Reserve tightening interest rates, cryptocurrency investors fear that prices will fall further. Companies that have embraced digital assets are once again bracing for recession and 'crypto winter', either when prices drop further or to deal with the fact that cryptocurrency prices remain so low for such an extended period. Experts advise investors to check their asset allocation and also recommend using Bitcoin only for a smaller part of their portfolios.
End of Year Rally
Consequently, a short-term bull rally can happen and it can last for a few days or weeks, exactly what happened in July-August after the LUNA-UST collapse, when the Bitcoin price rose to $25.000. Based on November levels and institutional buying signals, Bitcoin could be experiencing a similar bear market recovery following the FTX meltdown.
Long-term holders' realized profit and loss metric has dropped to historic lows, indicating possible oversold conditions. Losses realized by long-term holders reached levels comparable only during the 2015 and 2018 bottom.
According to analyst Credible, BTC is likely to rise to over $18.000 and may even reach $19.000 by the end of the year.
“No change in my expectations. Still looking for $19.000,” Credible wrote on Twitter.
“BTC formed a nice tight trading range here after clean momentum on the timeframe down. It might drop to $16.000 first to clear these cumulative lows, but still expect a continuation after that anyway.”
Don't change to my expectations. Still looking for 19k+. $ BTC has a nice tight consolidation here after a clean formed impulse on low time frame. May dip into 16k's first to take out these built up lows but still expecting continuation up after regardless. https://t.co/t3uTBlZGTB pic.twitter.com/D1GuRYZcJo
— CrediBULL Crypto (@CredibleCrypto) December 4, 2022
