As stocks and cryptocurrencies prepare for this week’s FOMC meeting, the price of Bitcoin fell below $47,000
Bitcoin (Bitcoin) After the price broke through the $50,000 breakout momentum over the weekend, the bulls are again on the defensive Evaporates and drives down prices below $47,000Analysts said that the slight decline in the stock market and the upcoming Federal Open Market Committee (FOMC) meeting were the main reasons for the decline on December 13, and some people believe that it may return to the low of $42,000.
The following are analysts’ views on the current Bitcoin price trend and their short-term expectations.
The Fed’s withdrawal from negotiations puts pressure on the market
As emphasized in a recent Delphi Digital report, the current headwinds facing BTC are largely affected by US regulatory issues. Pricing.”
Delphi Digital said,
“Since the November FOMC meeting, BTC is one of the worst performing assets compared to traditional asset classes, and its value has fallen by nearly 20% in the last month.”
Although the recent downturn is testing the will of many traders who hope this is just another shock before the price rises, cryptocurrency analyst and pseudonymous Twitter user CryptoCapo has provided some hope after that Post The chart below compares the current price trend with the price plunge in September.
“These two corrections are very similar. The same 3-wave movement pattern. The same bottom formation (3 touches). The same capital + negative premium rates. Before the final round of declines, there is also a bearish divergence hidden.”
Look for a bullish divergence below $46,500
Analyst and Cointelegraph contributor Michaël van de Poppe provided further insights into BTC price movements. He Post The chart below points out that “the market is falling due to Bitcoin’s resistance being rejected.”
“In my opinion, we seem to be looking for a bullish divergence formed below the $46,500 area for a possible reversal.”
This price behavior is “nothing unusual”
Market analyst and pseudonym Twitter user Rekt Capital provided the final guarantee. Post The chart below also points out that “the wicking of BTC falling below the red weekly support zone has occurred many times in the past (orange circle).”
Rekt Capital stated that the recent decline is normal and there is nothing to worry about in the long run.
“It’s not uncommon for this kind of downward volatility to occur at these price levels.”
The overall cryptocurrency market value is now 2.152 trillion U.S. dollars, and Bitcoin’s dominance rate is 41.5%.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.