BTC price faces 20% drop in weeks if Bitcoin avoids key level — analyst
Bitcoin (BTC) stayed rigid below $17,000 at the Dec. 19 Wall Street open as skeptical traders feared more downside.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering around the $16,700 mark, practically unmoved over the weekend.
The pair saw only fractional volatility at the open, as United States equities fell slightly. At the time of writing, the S&P 500 and Nasdaq Composite Index were down 0.5% and 1%, respectively.
For Bitcoin traders, there was little to celebrate, with consensus forming around the potential for testing lower levels next.
“Bearish as long as it stays below the $19k,” Crypto Poseidon summarized alongside a chart.
Popular trader and analyst Rekt Capital highlighted $17,150 as an important level to reclaim to avoid further downside later on.
“If BTC continues to reject from the ~$17150 resistance... Then price could drop up to -20% to the downside in the coming weeks,” he predicted, uploading the 1-month BTC/USD chart.
Rekt Capital added that there was “still time for BTC to perform a Monthly Close above the ~$17150 level later this month,” but that “a Monthly Close below ~$17150 would confirm the beginnings of a breakdown from here.”
Michaël van de Poppe, founder and CEO of trading firm Eight, meanwhile offered a slightly more hopeful outlook.
With more U.S. economic data expected toward the end of the week, BTC/USD had the potential to break to the upside and target $17,300 to then offer “short opportunities.”
“No breakthrough, then looking for longs around $16.2K or $15.5K,” he countered.
News that BinanceUS, the U.S. offshoot of largest crypto exchange Binance, had offered to acquire the assets of stricken lender Voyager, meanwhile had no tangible impact on market performance.
Rela
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