Market Overview and Bitcoin Price Analysis Short-Term (17/12)
BTC Technical Analysis
Return weekend. Plan to test 17300 short still holds, details below.
Prioritize short, now is not the time to catch the bottom.
📈Long: Skip
📉Short:
Entry 1: 16900 (30% volume)
Entry 2: 17250 (70% volume)
Stoploss: 17550
Target: 16000 or deeper
Market Overview
The 24-hour trading volume on the market was recorded at 47.60 billion USD, 39.79% higher than on December 16.
The market capitalization of the entire crypto market on the morning of December 17 had at one point dropped to $ 760 billion, the lowest level since December 2020.
According to Goldman Sachs, while traders use gold to hedge against inflation and the dollar's decline, bitcoin is like the stock of a high-growth but risky tech company.
According to Goldman, bitcoin has become a more speculative and volatile asset compared to the precious metal. Goldman noted concerns related to the collapse of cryptocurrency exchanges also causing volatility in bitcoin. Statistics show that the price of gold is up slightly year-on-year while bitcoin is down 75%. The bank above forecasts financial conditions will become tighter. Tighter liquidity will impact gold versus cryptocurrencies.
Earlier, Goldman Sachs announced plans to spend $10 million to buy or invest in digital currency companies after the collapse of the FTX cryptocurrency exchange affected investor sentiment.
Return weekend. Plan to test 17300 short still holds, details below.
Prioritize short, now is not the time to catch the bottom.
📈Long: Skip
📉Short:
Entry 1: 16900 (30% volume)
Entry 2: 17250 (70% volume)
Stoploss: 17550
Target: 16000 or deeper
Market Overview
The 24-hour trading volume on the market was recorded at 47.60 billion USD, 39.79% higher than on December 16.
The market capitalization of the entire crypto market on the morning of December 17 had at one point dropped to $ 760 billion, the lowest level since December 2020.
According to Goldman Sachs, while traders use gold to hedge against inflation and the dollar's decline, bitcoin is like the stock of a high-growth but risky tech company.
According to Goldman, bitcoin has become a more speculative and volatile asset compared to the precious metal. Goldman noted concerns related to the collapse of cryptocurrency exchanges also causing volatility in bitcoin. Statistics show that the price of gold is up slightly year-on-year while bitcoin is down 75%. The bank above forecasts financial conditions will become tighter. Tighter liquidity will impact gold versus cryptocurrencies.
Earlier, Goldman Sachs announced plans to spend $10 million to buy or invest in digital currency companies after the collapse of the FTX cryptocurrency exchange affected investor sentiment.
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