Auto Added by WPeMatico
Top traders are starting to search for optimal long entries for BTC even as concerns about the Federal Reserve’s new policy directive weighs on stocks and crypto markets.
BTC price dropped to new lows at $36,000, leading analysts to call for a “Hail Mary close above $39,600” to stave off a bearish shift in Bitcoin’s market structure.
BTC price retests the recent lows at $46,000 as institutions appear to be “selling for tax reasons” while $52,000 remains a major hurdle in the path higher.
A double top formation preceded Bitcoin's plunge below $48,000 on Dec. 28 with some analysts suggesting it could dip to $44,000 before resuming its uptrend.
$100,000 BTC is probably not happening, but analysts are hopeful that BTC can end the year above $50,000 and kick off early 2022 with a new all-time high.
Bitcoin price appears pinned below $48,000, leading some analysts to forecast “choppy” markets until Q1 2022.
Traders look for a market-wide recovery now that the Fed confirmed at least three rate hikes and a wind-down of its bond purchasing policy in 2022.
BTC, altcoins and stocks sharply sold-off as pressure builds ahead of this week’s FOMC meeting and the possibility that the Fed will taper its easy-money policies.
Bitcoin price succumbed to another wave of selling, but analysts say the current market structure at $47,500 mirrors the early bull-market from 2017.
“What is clear is that if we embrace these developments, Australia has an enormous opportunity to capitalize on the convergence between finance and technology,” Treasurer Josh Frydenberg said.