The FOMC comes down, the price of bitcoin is quickly breaking through short-term support levels and gaining liquidity. Following one-month soars around the time of the latest macroeconomic policy notification from the US, Bitcoin is now heading downward.
On December 14th, BTC/USD is currently giving up its gains after reaching a high of about $18,370 on Bitstamp. This is causing traders to look for the potential location of the next turn-around. Cointelegraph examines what several well-known analysts are watching for next in terms of short-term BTC rate movement.
BTC Price Levels Are Seen To Fall Below $17.5K
After describing this week’s macro market response to the Federal Reserve as pretty uninteresting, CEO of trading business Eight, Michal van de Poppe, claims that support levels for BTC are already within striking distance. He saw $17,200 as a marker in the mud for bulls, despite the fact that the pair was down about $1,000 from recent local highs at the time of writing.
As per Daan Crypto Trades, the well-known trader and analytics account, Bitcoin is attempting to find liquidity both in peaks and lows. After identifying the June low of $17,600 for Bitcoin as a crucial sign for bulls, BTC quickly dropped even further. At the time of writing, that untapped liquidity reached just over $17,000, while the upside represented sell pressure at $17,750 and above.
Daan had previously indicated that $18,200 was a crucial level to move from resistance to help in the case of a sustained upturn. Crypto Tony stated that he anticipated $17,300 would resurface on the day. Another tweet stated that additional purchasing activity in BTC/USD was necessary for a further rise. According to Cointelegraph, there are considerably more pessimistic analyses of the BTC price movement, including those like Il Capo of Crypto, who continues to hold the view that there will soon be a mass collapse.