Is Bitcoin Price Heading To $69,000❔
Bitcoin has dropped to its lowest level in 82 days, trading near $72,936. It is down 3.5% in 24 hours and 6.2% over the past week. Amid the price action, one detail is worrying traders: the amount of leveraged money betting on Bitcoin keeps rising even as the price falls.
The latest leg lower came after a hotter than expected US inflation report raised the odds of a December Fed rate hike. Expert Michaël van de Poppe said Bitcoin’s reaction to the report was “fairly good” but that the bigger picture has not changed. Bitcoin is still in a downtrend and needs to win back a key price level before turning bullish.
Van de Poppe also sees early signs of life in altcoins, which have started to move differently from Bitcoin. In his view, that split could lead to a strong surge in altcoins once Bitcoin finally bottoms.
A new bullish divergence is forming on the 12-hour chart. Bitcoin has made a lower low in price while momentum, measured by the RSI, may be making a higher low. That often comes before a short-term bounce.
If it confirms, the next upside target is $76,500 to $77,000, where a cluster of liquidation orders is building. The last time this signal appeared, in mid-October, Bitcoin saw roughly a week of modest relief before falling again.
Whether Bitcoin holds $71,800, and how it reacts if it reaches $69,000. Whether open interest keeps rising or starts to unwind. A move toward $76,500 to $77,000 if the short-term bullish divergence confirms.
Do Your Own Research. 👇🏻
$BTC
$AVAX
$BTW
#HotCPIDecemberHikePriced #AnthropicRejectsIPODelayValuationinQuestion #NvidiaInvestigatesAfterHuang’sAffairApology #BitcoinFiveWeeklyLosses #AIChipSlumpNasdaq
Bitcoin has dropped to its lowest level in 82 days, trading near $72,936. It is down 3.5% in 24 hours and 6.2% over the past week. Amid the price action, one detail is worrying traders: the amount of leveraged money betting on Bitcoin keeps rising even as the price falls.
The latest leg lower came after a hotter than expected US inflation report raised the odds of a December Fed rate hike. Expert Michaël van de Poppe said Bitcoin’s reaction to the report was “fairly good” but that the bigger picture has not changed. Bitcoin is still in a downtrend and needs to win back a key price level before turning bullish.
Van de Poppe also sees early signs of life in altcoins, which have started to move differently from Bitcoin. In his view, that split could lead to a strong surge in altcoins once Bitcoin finally bottoms.
A new bullish divergence is forming on the 12-hour chart. Bitcoin has made a lower low in price while momentum, measured by the RSI, may be making a higher low. That often comes before a short-term bounce.
If it confirms, the next upside target is $76,500 to $77,000, where a cluster of liquidation orders is building. The last time this signal appeared, in mid-October, Bitcoin saw roughly a week of modest relief before falling again.
Whether Bitcoin holds $71,800, and how it reacts if it reaches $69,000. Whether open interest keeps rising or starts to unwind. A move toward $76,500 to $77,000 if the short-term bullish divergence confirms.
Do Your Own Research. 👇🏻
$BTC
$AVAX
$BTW
#HotCPIDecemberHikePriced #AnthropicRejectsIPODelayValuationinQuestion #NvidiaInvestigatesAfterHuang’sAffairApology #BitcoinFiveWeeklyLosses #AIChipSlumpNasdaq
