Bitcoin broke through the support levels from the past few days last night, hitting a low of around 70,700 this morning. It is currently trading near 71,000.
This is its lowest level since late August, right back at the low from early June.
The backdrop is still hotter-than-expected US inflation data on Tuesday. The market has almost taken a Fed rate hike in December as a given, weighing on risk assets across the board.
The 73,200 level we were watching yesterday and the medium-term 72,700 level both failed to hold.
In the short term, 72,200 is the first level to watch overhead. The overnight rebound stalled around there.
Below that is 70,700. If this level gives way, the short-term outlook will look pretty rough.
On the medium-term upside, 74,200 has become resistance—that was the upper edge of the range before the breakdown.
To the downside, the medium-term level to watch is around 68,900, the low on the day the rally began in late August.
Price is now hovering around the June low. We should find out over the next day or two whether buyers will step in below.
A hold above 70,700 and a move back above 72,200 would signal that the decline has stalled; if it breaks lower, 68,900 could come into play very quickly.
$BTC
#比特币 #Market Analysis
This is its lowest level since late August, right back at the low from early June.
The backdrop is still hotter-than-expected US inflation data on Tuesday. The market has almost taken a Fed rate hike in December as a given, weighing on risk assets across the board.
The 73,200 level we were watching yesterday and the medium-term 72,700 level both failed to hold.
In the short term, 72,200 is the first level to watch overhead. The overnight rebound stalled around there.
Below that is 70,700. If this level gives way, the short-term outlook will look pretty rough.
On the medium-term upside, 74,200 has become resistance—that was the upper edge of the range before the breakdown.
To the downside, the medium-term level to watch is around 68,900, the low on the day the rally began in late August.
Price is now hovering around the June low. We should find out over the next day or two whether buyers will step in below.
A hold above 70,700 and a move back above 72,200 would signal that the decline has stalled; if it breaks lower, 68,900 could come into play very quickly.
$BTC
#比特币 #Market Analysis
