BTC price levels to watch as Bitcoin dives below $17.5K post-FOMC
Bitcoin (BTC) is trending down after hitting one-month highs around the latest macroeconomic data and policy update from the United States.
Having topped out at around $18,370 on Bitstamp on Dec. 14, BTC/USD is now giving back its gains, leading traders to eye where the next reversal may occur.
Opinions differ — some warn that support levels for bulls to hold are already tumbling, while others believe that recent events are just another dot on the path to much lower levels.
Cointelegraph takes a look at what some popular commentators are looking next for when it comes to short-term BTC price action.
Having called the macro market reaction to the Federal Reserve “relatively boring” this week, Michaël van de Poppe, CEO and founder of trading firm Eight, says support levels are already close for BTC/USD.
With the pair down almost $1,000 from local highs at the time of writing, Van de Poppe eyed $17,200 as a line in the sand for bulls.
After the gains, a higher low (HL) could be on the cards next. To the upside, bulls holding support may yet deliver a Santa rally which includes a trip past the $20,000 mark.
“All in all, We'll have some consolidation on Bitcoin, seeking for a HL,” he told Twitter followers.
BTC/USD last traded above $20,000 just before the FTX debacle sent the entire crypto market tumbling 25% or more.
Bitcoin is reaching for liquidity up and down, popular trader and analytics account Daan Crypto Trades says.
Having highlighted $17,600 — Bitcoin’s low from June this year — as an important level for bulls, BTC/USD took a matter of hours to head even lower.
As such, it was clear that both longs and shorts could be punished on short timeframes.
“All jokes aside, the market is out to take out everyone on both sides right
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