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News/Bitcoin stalls ahead of PPI release tomorrow and FOMC next week

Bitcoin stalls ahead of PPI release tomorrow and FOMC next week

Dec 8 2022

last year6 mins read
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After yesterday’s correction, Bitcoin is not showing any signs of volatility as it continues sideways in a tight range between \(16,730 - \)16,880. Volatility is, however, expected soon as the producer price index will be released tomorrow, followed by an interest rate decision on December 14.

Meanwhile, the S&P 500 broke down to 3,916 but was able to get back up to 3,950 quickly. Currently, it is hovering around support, and volatility is to be expected as inflation data gets released. DXY has shown some strength and moved to 105.2 from 104.5.

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Top  altcoin gainers and losers

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Bitcoin Technical Analysis

Bitcoin is currently trading above \(16,700, which is above the 0.5 fib level, also known as in the premium zone relative to its last swing low and high. Hence, we can expect a correction into the two points of interest below the 0.5 fib level, also known as the discount zone. The levels to look out for are \)16,500 and \(15,900. We can also see an underside test of \)17,000, but the chances of it succeeding in breaking through are slim.

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Ethereum Technical Analysis

Ethereum is trading way above the premium zone highlighted by the 0.5 fib level at \(1,190. We can see a corrective pullback towards \)1,261 before further downside but ultimately, ETH is expected to fall below \(1,190 going as low as \)1,170 before any real support is to be seen.

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NFT Market Map

COCKPUNCH by Tim Ferriss stole all the spotlight today with a 21,473% spike in trading volume. The primary sale on Dec. 7 sold out immediately, seeing the project dominate the sales charts on Opensea.

Other big winners in the top 10 NFT collections by daily volume:  

  1. Undead Blocks Skin Vault (UBSKINVAULT) (+14,224.25%)
  2. FLUF (+1,775.30%)
  3. Valhalla (+629.26%)
  4. Art Blocks (+59.92%)
  5. Yakuza Pandas (+49.54%)

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Coin360 Daily Digest

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

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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.

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