Bitcoin price looks set to end 2022 on a two-year low note

Even though Bitcoin appears primed for a move going into this year’s final weekend, the market leader looks set to end 2022 around levels last seen in November 2020.

All in all, this year saw major setbacks and an extended bearish phase that saw cryptocurrency prices trending down over the last 12 months. Going into 2023, market participants are hoping to see positive changes in the macroeconomic outlook that could bolster markets.

Meanwhile, as of right now, BTC is trading around \(16,500 and could drop lower before a test of \)17,000. The S&P 500 continues to post a bearish pattern with lower highs and lower lows. Presently, it sits at 3,846 and we can expect a retest of 3,750 today. DXY has broken support at 104.2 and is now 103.7 which could play well if we see upside in crypto and stocks.  

Top  altcoin gainers and losers

Gainers

• eCash XEC (+3.41%)
• OKX OKB (+3.34%)
• ETHPoW ETHW (+1.88%)

Losers

• Neutrino USD USDN (-12.43%)
• GensoKishi Metaverse MV (-9.78%)
• Chain XCN (-8.89%)

Bitcoin Technical Analysis

Bitcoin looks quite bearish on the chart, and is potentially on its way to test range support at \(15,800. However markets rarely behave in the most obvious of ways. Looking at previous price action, a lot of short positions have been building up as we hover around \)16,500 and it is possible to see \(16,000 as a lot of participants would likely be waiting for their bearish bias to be fulfilled before jumping in. This allows for a relief bounce to materialize sooner, and we could see \)17,300 before a move down.
 

Ethereum Technical Analysis

Ethereum on the other looks more bearish than Bitcoin and will most likely be slow to move up in case of a relief rally. \(1,250 - \)1,270 is our expected range and this is mainly due to over heated price action on the ETH/BTC pair, as well as the liquidity profile. Since a lot of traders on Ethereum pairs are using high leverage, most of their liquidity doesn’t go beyond our mentioned range and this could lead to lack of volatility.

NFT Market Map

Bears haunted the NFT market as the top 10 collections saw a pullback of as much as 70% in trading volume.

The few with 24H trading volumes in the green were:

• Gods Unchained (+25.99%)
• ENS domains (+208.12%)
• Art Blocks Factory (+4.33%)
• Potatoz (+0.93%)

Coin360 Daily Digest

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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.