Bitcoin remains stable, but according to BTC price analysis, it will not last long.
Traders were again divided on Dec. 21 as sideways BTC price action divided opinion on the future.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: Trade View
$17,500 becomes popular BTC price target
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it ranged just below $17,000.
A single brief surge above $17,000 did not last as the pair returned to familiar territory from last week.
There was a lack of consensus among popular traders, with some calling for a possible breakout to the upside and others calling for a quick drop towards $10,000.
“I would like $16.7k in it to see the Bitcoin sequel,” Michaël van de Poppe, founder and CEO of trading company Eight, told Twitter followers on Dec. 20:
“So far, good. Some sideways consolidation before breaking $17k to continue to $17.5-17.7k.
Fellow trader and analyst Elizy agreed on the potential to rethink once they hit $17,500, while Crypto Tony also viewed this area as a line in the sand.
“Holding that EQ would still be a good opportunity for us to pump into the zone bid around $17,300-$17,600. My stop loss for my shorts is if we close above $17,600,” he said. he commented next to a chart of the day.
Annotated BTC/USD chart. Source: Crypto Tony/Twitter
Trading resource Game of Trades, meanwhile, looked at the potential for the S&P 500 to punish the bears next.
“Going through short squeeze setup for the market,” he predicted alongside a chart of the put/call ratio for the index:
“One big move up and it’s game over for all those putts.”
Annotated chart of S&P 500 Total Put/Call Ratio. Source: Trading Game/Twitter
On the other hand, Crypto’s Il Capo warned, far from optimistic, that a move lower would surprise market participants.
“Most people are unprepared for what is to come and it shows,” he tweeted, echoing a tone that was in place for much of the year.
Crypto’s Il Capo also noted that “a few altcoins are already leading the decline, breaking key supports and most of them making new lows.”
“So calm that you’re not in the market,” he added:
US dollar remains stable after upheaval in Japan
After surprise events at the Bank of Japan (BoJ) the previous day, the US dollar started to consolidate after another decline.
See Also: ‘Forget a Pivot’ – Markets Won’t See Fed Rate Cut Increase in 2023, Analyst Says
The US dollar index (DXY), apparently always inversely correlated to the crypto markets, was concentrating on the 104 mark at the time of writing.
US Dollar Index (DXY) one-hour candlestick chart. Source: Trade View
“DXY lower as other currencies relatively strengthen on tightening policy -> stocks + crypto down/sideways,” commenter Tedtalksmacro summarized in part of a Twitter reaction to the BoJ.
The views, thoughts, and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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