Bitcoin (BTC) is trending lower after reaching 1-month highs around the latest policy update and macroeconomic data from the United States.
Having peaked around $18,370 on Bitstamp on Dec. 14, BTC/USD is now giving back its gains, leading traders to look at where the next reversal may occur.
Opinions differ with some warning that the support levels for the bulls to hold are already falling, while others believe that recent events are just another blip on the path to much lower levels.
Cointelegraph takes a look at what some popular commentators are looking for when it comes to short-term BTC price action.
Michël van de Poppe: $17,200 must be held to shoot for $20,000
To have I call With the macro market reaction to the “relatively dull” Fed this week, Michaël van de Poppe, CEO and founder of trading firm Eight, says support levels are already close for BTC/USD.
With the pair down almost $1,000 from local highs at time of writing, Van de Poppe saw $17,200 as a line in the sand for the bulls.
After the profits, a higher low (HL) could be in the next few cards. On the upside, bulls holding support may still offer a Santa rally that includes a trip beyond the $20,000 mark.
“All in all, we will have some consolidation in Bitcoin, looking for a HL,” he said. saying Twitter followers.
“The area to retain remains the same; $17.2-17.4K. If we do that, the path to $20.5K in 2-4 weeks is open.”
BTC/USD last traded above $20,000 just before the FTX debacle sent the entire crypto market tumbling 25% or more.
Daan Crypto Trades: The Market Wants to “Wipe Everyone Out”
Bitcoin is seeking liquidity up and down, says popular trader account and analytics Daan Crypto Trades.
To have highlighted $17,600, Bitcoin’s lowest since June of this year, as an important level for bulls, it took BTC/USD a few hours to drop further.
As such, it was clear that both longs and shorts could be punished on short notice.
“All jokes aside, the market is determined to kill everyone on both sides right now,” Daan wrote in a later tweet.
“It’s good to take note of all the untapped highs and lows to see where the price might want to go next.”
That untapped liquidity extended to just over $17,000 at time of writing, while on the upside, $17,750 and above represented selling pressure.
Daan previously marked $18,200 as an important level to flip to support in the event of a sustained bullish return.
BTC/USD annotated chart. Source: Daan Crypto Trades/Twitter
Crypto Tony: $17,300 “will get hit”
Meanwhile, Crypto trader Tony said he assumed $17,300 would reappear that day.
Related: Bitcoin Bear Market 70% Crash Kills BTC ‘Tourists’ as Metric Screams Buy
“Short covering is working well and the stop loss on Bitcoin at my previous long of $17,300 will certainly take a hit today. He only made partial gains on that drive, but not much. Neither the best business nor the worst, ”he said. explained to the followers.
another tweet additional that BTC/USD needed to see additional buying interest for a new lead.
As Cointelegraph reported, there are many more bearish views on BTC price action, including those from Crypto’s Il Capo, who still believes that mass capitulation is yet to come.
Longer term, Crypto Tony also refuses to rule out a dip as low as $10,000.
BTC/USD was trading around $17,500 at the time of writing, data from Cointelegraph Markets Pro and TradingView showed, just before the start of trading on Wall Street.
BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView
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This post BTC Price Levels to Watch Bitcoin Dip Below $17.5K Post-FOMC
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