Bitcoin Hits the Ceiling

Market Picture

Crypto market capitalisation rose 2% over the past 24 hours to $858bn. Bitcoin added 2.3% to $17.2K, trading near the top of its range since November 12.

The technical picture remains the same for Bitcoin, and it will need to confirm a move out of its abnormally narrow range, whichever way it moves.

In the event of a further rise, such confirmation would see a consolidation at above $18K, near the 50-day moving average and local support from June through October. A downward move could lead to further decline if it sends the price below $16K.

News Background

Amid the collapse of FTX and the crypto market, Coinbase’s revenues could be halved by 2022, the company’s CEO Brian Armstrong said.

A new CNBC poll shows that Americans’ attitudes towards cryptocurrencies have deteriorated significantly amid the collapse of the Terra ecosystem and the bankruptcy of cryptocurrency exchange FTX. Only 8% of US residents have a favourable view of crypto assets.

The Ethereum team has said it plans to activate the Shanghai hardfork in March 2023.

Popular Twitter analyst PlanB, author of the stock-to-flow model, reiterated his confidence in the massive growth of bitcoin in 2023 or at least in 2024. According to him, BTC will be worth between $100K and $1 million after the next halving, with the first cryptocurrency expected to bottom in the next three weeks.

by FxPro’s Senior Market Analyst Alex Kuptsikevich