{"id":15886,"date":"2022-12-22T15:57:44","date_gmt":"2022-12-22T15:57:44","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-dips-below-16-7k-as-us-gdp-meets-fresh-btc-price-death-cross\/"},"modified":"2022-12-22T15:57:47","modified_gmt":"2022-12-22T15:57:47","slug":"bitcoin-dips-below-16-7k-as-us-gdp-meets-fresh-btc-price-death-cross","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-dips-below-16-7k-as-us-gdp-meets-fresh-btc-price-death-cross\/","title":{"rendered":"Bitcoin dips below $16.7K as US GDP meets fresh BTC price ‘death cross’"},"content":{"rendered":"
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Bitcoin (BTC) fell at the Dec. 22 Wall Street open as United States equities reversed previous gains.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin risks new and unseen “death cross<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD dipping to intraday lows of $16,650 on Bitstamp. <\/p>\n

The pair remained a conspicuous stocks copycat as the S&P 500 opened down 1.6% and the Nasdaq Composite Index traded down 1.8% at the time of writing.<\/p>\n

The weakness appeared to be a reaction to stronger-than-expected U.S. gross domestic product (GDP) growth in Q3, data for which was released prior to the open. <\/p>\n

Despite notionally a sign of recovery, concerns focused on the Federal Reserve continuing its restrictive economic policy on the assumption that the economy would be able to withstand the measures.<\/p>\n

This would notionally come in the form of longer-lasting interest rate hikes, with analysis already arguing that a \u201cpivot\u201d in policy was unlikely until 2024 at the earliest.<\/p>\n

As such, risk assets saw no relief from the GDP print, further disappointing traders hoping for a Santa rally.<\/p>\n

\u201cClear bearish retest. Downtrend intact,\u201d trader and analyst Il Capo of Crypto commented<\/a> on the daily S&P 500 chart.<\/p>\n

Il Capo of Crypto warned earlier this week that markets as a whole were \u201cnot prepared\u201d for what would be fresh upcoming losses.<\/p>\n

On Bitcoin, the mood among some pundits was likewise firmly bearish.<\/p>\n

Bleeding Crypto highlighted<\/a> a never-before-seen \u201cdeath cross\u201d involving the 50-day and 200-day exponential moving averages (EMA) now due.<\/p>\n

BTC\/USD annotated chart. Source: Bleeding Crypto\/ Twitter<\/em><\/figcaption><\/figure>\n

Daan Crypto Trades meanwhile drew attention to the yearly close, this likely to become Bitcoin\u2019s third negative year ever.<\/p>\n

\u201cThe percentage loss this year is sitting right in between the other two negative years, being 2014 and 2018,\u201d he noted<\/a>.<\/p>\n

BTC\/USD annotated chart. Source:\u00a0Daan Crypto Trades\/ Twitter<\/em><\/figcaption><\/figure>\n

Elsewhere, analyst Toni Ghinea had little optimism in store for Bitcoin bulls, arguing that the macro bottom would not appear until Q1 2023.<\/p>\n

\u201cCapitulation to 11-14k. Bottom in Q1 2023. Expecting the final move down soon,\u201d a tweet read<\/a> on the day.<\/p>\n

BTC\/USD annotated chart. Source: Toni Ghinea\/ Twitter<\/em><\/figcaption><\/figure>\n

Dollar seeks comeback after GDP print<\/h2>\n

The main beneficiary of the GDP print, meanwhile, was the U.S. dollar, which on the day saw confident rebound in strength.<\/p>\n

Related:\u00a0Bitcoin low volume sparks BTC price warning as metric hits \u2018value zone\u2019<\/em><\/strong><\/p>\n

The U.S. dollar index (DXY) circled 104.5 at the time of writing, up from lows of 103.75 from before the open.<\/p>\n

The greenback thus went some way to recovering losses engendered by a surprise intervention by the Bank of Japan earlier in the week. <\/p>\n

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n