Bitcoin and crypto poised for volatility ahead of key financial events
Bitcoin has moved sideways for twelve days and had multiple rejections from \(17,300, which led to breakdowns toward \)16,800. Currently trading below $17,000 once again, Bitcoin appears set for volatility as we have three key events lined up this week — Core CPI, FOMC, and jobs report on December 13, 14, and 15, respectively.
Meanwhile, the S&P 500 found support at 3,916 but had its second rejection at 4,016, bringing it back down to 3,975. This week’s interest rate decision will likely decide its future direction and either propel it above 4,050 or bring it down to 3,700. DXY, on the other hand, patiently remains at its support of 104.8 without any volatile moves yet.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin is currently trading below \(17,000 and has broken below its trendline, causing a lot of short positions to stack up going into this week. Moreover, our last high of \)21,480 pushed us down to \(15,600. If we maintain our premium discount model, which worked well in our previous ranges, a minimum target of \)18,000 - $ 18,500 is likely before we see a correction.
Ethereum Technical Analysis
Ethereum has been a nightmare for traders, triggering multiple stop losses and moving independently of Bitcoin on low time frames. Currently, it trades at \(1,250 with a negative funding rate and a cluster of short positions stacked up at \)1,270 and above, this cluster is likely to act as a magnet starting Tuesday as Core CPI injects volatility into this market.
NFT Market Map
More top NFT collections were in the red zone today when it came to trading volume stats.
V1 Cryptopunks (+1,019.79% ) is the only one in the top 20 to see a four-digit increase, followed by:
- Valhalla (+567.59%)
- OpenSea Shared Storefront (+498.18%)
- Beanstalker (+242.57%)
- DEGEN TOONZ (+78.59%)
- BoredApeKennelClub (+11.28%)
While others in the top 20 witnessed a drop of as much as 71.89% in trading volume.
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from today.
For more daily updates and news, follow us on Twitter.
Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.