Home CryptoMarket BTC price hits new December low as Bitcoin dips 2% with Asia stocks

BTC price hits new December low as Bitcoin dips 2% with Asia stocks

by CryptoFan
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Bitcoin (BTC) hit a new month-to-date low on December 7 as Asian markets tumbled during trading.

BTC/USD 1 hour candlestick chart (Bitstamp).Source: Trading View

$16,500 Supports BTC Price Shake

Cointelegraph Markets Pro and TradingView Bitstamp showed BTC/USD falling to a low of $16,736. This is a level he hasn’t seen since November 30th.

As such, the pair began to erase the retreaded groundwork heading into November’s monthly close, showing significant influence from Asian stocks before Wall Street opened.

The mood on the day was nervous, with Hong Kong’s Hang Seng Index down 3.2% at the time of writing, while the Nikkei 225 and Shanghai Composite Index were down 0.7% and 0.4% respectively.

“Bitcoin failed to sustain support and started to fall, just like the index shows weakness,” said Michael van de Poppe, founder and CEO of trading firm Eight. I’m here. reacted.

“I have waited patiently for a long time and will continue to do so. Most likely; either coveting $16.5K works, or I can get my $16.9K back.”

Meanwhile, the popular Twitter trading account Profit Blue steeper BTC price continues to fall.

For fellow trader Elizy, meanwhile, reappearance $16,500 in long scalp trades.

An equally optimistic view is that Possibility of recovery of the next $17,000 in a shorter timeframe.

Earlier, when I scanned the Binance orderbook from the on-chain monitoring resource Material Indicators, clearly $16,500 installation support.

BTC/USD orderbook data (Binance). Source: Material Indicators/ Twitter

The consumer price index is already in the spotlight

Analysts continued to look for macro clues ahead as the Bitcoin market remains calm compared to November’s intense volatility.

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These are firmly in shape with next week’s U.S. Consumer Price Index (CPI) scheduled for Dec. 13.

For trading firm QCP Capital, there was reason to believe that numbers could favor risk assets when it comes to falling inflation.

“Retailers have struggled with inventory all year round due to a slowdown in consumer spending and likely used Black Friday/Cyber ​​Monday to clear inventory and offer eye-popping discounts, and this will be reflected in the November CPI print out next week.” market update December 5th.

QCP remains wary of the potential for a sustained uptick in stock prices, but the collapse has dealt a further blow to correlated crypto assets.

“Many people say BTC and ETH are lagging behind equities and should catch up, but rather equities have outpaced fundamentals and will soon be unwound,” he wrote.

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.