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Tuesday, February 7, 2023

Bitcoin Might Stay Put With A Yearly Close

The end of the year was certainly quite an interesting point in time for investors and traders, as Bitcoin kept them guessing until the last minute with the volatility remaining quite absent from the market. According to data that was received from TradingView and Cointelegraph Markets Pro, it was understood that the BTC/USD had been clinging to a familiar area around a sum of $16,500.

This pair definitely kept disappointing the players on both sides of the trade after a haywire Christmas, while ignoring the potential significance of the simultaneous monthly, weekly, quarterly, and yearly candle close. Material Indicators, an on-chain analytics resource went on to write in a part of a commentary on the order book that the overhead liquidity, as well as the technical resistance, did suggest a sub $17k local top, but anything was possible during such a period. 

Bitcoin Did Leave Traders In A Tizzy On NYE

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But as it turns out, Arthur Hayes, the former CEO of BitMEX, the exchange, did hope that Bitcoin will not be falling under the post-FTX floor of around $15,500. His comments, which were a part of the warning over the US Dollar liquidity, mentioned that if the cryptocurrency was able to hold the FTX lows that would be quite positive. And it was necessary to see what the new year would be bringing for the crypto universe.

Crypto Tony, on the other hand, had been more categorical when it came to discussing the bearish forecasts, as they doubled down on the existing theory that a further downside could precede the recovery of the cryptocurrency

Speaking to his Twitter followers, Crypto Tony mentioned that this was his macro outlook on Bitcoin- in order to see if they would be able to maintain another pullback lower before accumulation prior to the next bull run.

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