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News/Bitcoin tests range top at $17K ahead of Powell's speech on labor market
2 months ago6 mins read

Bitcoin tests range top at $17K ahead of Powell's speech on labor market

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Bitcoin was able to reach $17,162 in the last 24 hours but fell shortly after, and is currently flirting with the support at $16,800. Fed chair Powell is expected to deliver a speech later today and market participants will be looking for hints about future policy changes.

Meanwhile, the S&P 500 was able to hold its key support level of 3,953 yesterday and is currently moving sideways. DXY, on the other hand, is still on track with its double-bottom pattern and likely waiting on economic news to make its next move.

Market participants will do well to note how a hearing on FTX and the FOMC meeting are both scheduled for Dec. 13 and Dec. 14, respectively, and will most likely result in market volatility.

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Top altcoin gainers and losers

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Bitcoin Technical Analysis

Bitcoin is currently in consolidation above $16,800, if buyers fail to hold this level we could see the price plummet. We can see a potential move to $16,500 followed by a final push to $17,500 bringing this relief rally to an end. Liquidity is visible at $16,000 and $15,500 which is where we can expect to see the start of the next relief rally.

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Ethereum Technical Analysis

Ethereum finally reached $1,280 — a target we’ve highlighted a few times in our daily updates. Currently, it is also consolidating alongside Bitcoin and a final push toward $1,300 is still on the table. However, we could see increased distribution during a rally, potentially bringing the price down to range lows around $1,000.  

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NFT Market Map

While big collections dominate the market, smaller collections have been recording decent trading volume gains as per our NFT heatmap.

Top 5 projects by volume growth:

  1. Feel Art Slumber (+25,503%)
  2. Desperado: Hero Gacha (+18,914.86%)
  3. Rarible (+11,624.89%)
  4. The Digital Pets Company (+6,565.48%)
  5. Wiiides (+5,677.02%)

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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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