Analyst: Bitcoin's Failure to Stand at $100,000 Curbs Market Buying, But Helps Get Rid of Short-Term Overbought Conditions
Bitcoin's failure to stabilise above $100,000 may have dampened buying in the overall market,’ said Alex Kuptsikevich, chief market analyst at FxPro, on December 9th. Bitcoin is trading below $99,000 and has seen little overnight volatility. Its failure to rise has had a negative impact on the torrents.
We believe that Bitcoin's stagnation is an important price correction that will help the market shake off its short-term overbought state and move higher more reliably. However, based on Fibonacci expansion projections, the next wave of upward momentum could push the price near $120,000.’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US Treasury yields continue to rise! Cleveland Federal Reserve President: Government and AI compete for funds, fueling rate hike expectations
Cleveland Federal Reserve President Loretta Mester stated on Friday that the recent sustained rise in long-term U.S. Treasury yields is the result of multiple factors working together.
Japanese Finance Minister: Sanae Takaichi is not a "reflationist" and highly respects the independence of the central bank
The Japanese Finance Minister stated that Ms. Komei herself has repeatedly requested her to clarify this position to overseas investors. This statement attempts to dispel the market’s perception that the Komei government interferes with the central bank or pursues a loose monetary policy. Last Wednesday, two committee members nominated by Komei opposed a Bank of Japan interest rate hike, further reinforcing the market’s view that the Japanese government tends to delay rate increases.
Crypto prices
More
