Bitcoin price trends downward after $17,000 rejection

In yesterday’s market update, we highlighted the possibility of BTC testing \(16,500 this week. Today, Bitcoin retraced its entire move and lost \)16,800 to test $16,680. 

With the PPI release only two days away, we can expect more downside than our initial target of $16,500.

ETH also saw a 1.6% price drop while DOGE (-4.38%) became the hardest-hit crypto among the top 10. The meme coin had initially surged following news of a potential “Twitter coin”, but as is usual, it wasn’t able to sustain the momentum.

MATIC (-2.51%) was the second biggest loser in the top 10 list. The team announced that one-third of the tokens sold in its $450M funding round were unlocked and distributed two weeks ago, with Alameda Research among its investors.

Meanwhile, the S&P 500 has broken its long-term support at 3,950 and is on its way to 3,770. We can expect it to slowly bleed over the coming days, at least until the FOMC on December 14. DXY, on the other hand, remains at 105.02, which has been a strong support in recent times.

Top  altcoin gainers and losers

Gainers

• Elrond EGLD (+3.26%)
• Synthetix SNX (+2.96%)
  Trust Wallet Token TWT (+2.94%)

Losers

• Immutable X IMX (-6.63%)
• 1inch 1INCH (-6.18%)
• Aptos APT (-6.08%)

Bitcoin Technical Analysis

Bitcoin is moving as previously predicted. We can see a break down with volume expansion from \(17,000. The price wicked at \)16,680 and is currently forming a trading range that will likely end with an underside test of \(17,000 before going down further. We can see two main buy walls, one at around \)16,500 and another at $15,900, giving us solid targets for the coming week before the FED makes its interest rate decision.

Ethereum Technical Analysis

Ethereum also displayed volume expansion which increases confidence in the trend shift with this breakdown. It went as low as \(1,219, taking out a lot of the long positions we previously mentioned. We can expect a sideways range in the coming hours with an underside test of \)1,250 which will now serve as resistance and push the price down to $1,180 before any relief move.

NFT Market Map

Half of the top 10 largest NFT collections witnessed a decline in trading volume today, while others enjoyed impressive growth.

Big projects that saw an uptick in volume:

1. The Dori Samurai (+681.35% )
2. Azuki (+498.97%)
3. Doodles (+351.61%)
4. Valhalla (+178.67%)
5. MutantApeYachtClub (+6.80%)

Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.

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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.