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Bitcoin (BTC) fell below $17,000 at the opening of Wall Street on Dec. 8.
Cointelegraph Markets Pro and TradingView It showed BTC/USD virtually flat in the 24 hours to the time of writing.
With the lack of macro clues, analysts have turned their attention to a potential collapse in US dollar strength as the catalyst for the next volatility in crypto and risk assets.
The US Dollar Index (DXY) looks set to challenge the multi-day support, breaking below 105 multiple times during the day.
$DXY has broken below the 100-day moving average for the first time since June 21, said Joe Cariasare, co-host of the Inside Bitcoin podcast. I got it.
Trader and analyst Pierre added that both the DXY and S&P 500 could trade sideways until November’s consumer price index (CPI) is released on Dec. 13. .
As reported by Cointelegraph, this event is a classic temporary volatility trigger.
Meanwhile, both SPX and DXY are still moving around their respective D1 200 EMAs, the chart commented. read.
So far, DXY has flipped resistance, while SPX is trending up in D1, an important level to defend against. It looks like there is.”
In BTC/USD, popular trader Daan Crypto Trades expected a wider trading range as it soaks up liquidity both above and below the spot.
$BTC here is in a very tight range with a lot of untapped highs and lows, he said. Said twitter followers.
I think all those levels will be removed and the first move will likely be a fake out just to turn back and take the other side. It will definitely be a classic Bitcoin move.
In the first hour of Wall Street trading, US stocks provided a more modest tailwind.
RELATED: GBTC ‘Elevator to Hell’ Sees Bitcoin Spot Price Approaching 100% Premium
The S&P 500 is up 1% at the time of writing, while the Nasdaq Composite Index is up 1.2%. The move mimicked a day of relief in Asia, when Hong Kong’s Hang Seng closed his 3.4% gain.
However, when looking at longer timeframes, the situation for Bitcoin remained pessimistic for many.
Popular commentator Byzantine General has declared that the darkest phase of the 2022 bear market is likely to begin.
Perps volumes are trending down quite strongly right now. The market is shrinking and speculators are surrendering, he says. I have writtenrefers to the perpetual futures market.
“We are probably in the final stage of bears. But that final stage could last quite a while.”
data from coin glass Furthermore, it showed that open interest in futures continues to decline.
The views, thoughts and opinions expressed herein are those of the authors only and do not necessarily reflect or represent the views or opinions of Cointelegraph.
