{"id":16027,"date":"2022-12-30T17:14:55","date_gmt":"2022-12-30T17:14:55","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/btc-price-lurches-toward-16k-as-stocks-dollar-wobble-in-final-session\/"},"modified":"2022-12-30T17:14:58","modified_gmt":"2022-12-30T17:14:58","slug":"btc-price-lurches-toward-16k-as-stocks-dollar-wobble-in-final-session","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/btc-price-lurches-toward-16k-as-stocks-dollar-wobble-in-final-session\/","title":{"rendered":"BTC price lurches toward $16K as stocks, dollar wobble in final session"},"content":{"rendered":"
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Bitcoin (BTC) teased more volatility at the Dec. 30 Wall Street open with BTC\/USD heading ever closer to $16,000.<\/p>\n

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

Will new year deliver “long-awaited volatility?”<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD wicking down to lows of $16,337 on Bitstamp.<\/p>\n

The pair had been gradually upping the volatility in the days after Christmas, as analysts eyed the likelihood of a final burst of action before the yearly close.<\/p>\n

\u201cLast trading day of the year for TradFi, but crypto will trade through the holiday weekend. Perhaps we may see some of that long awaited BTC volatility around the Weekly\/Monthly close and the start of 2023,\u201d on-chain analysis resource Material Indicators ventured<\/a>.<\/p>\n

Popular trader and analyst Rekt Capital noted<\/a>\u00a0that \u201chistorically, a strong indicator of where the $BTC bottom is is when the bearish BTC Candle 2 performs its Yearly Close.”<\/p>\n

Rekt Capital was discussing Bitcoin\u2019s four-year halving cycles, with the year after the halving traditionally one of overall losses.<\/p>\n

The worst could be in by the end of the week, he thus argued, \u201cand whatever downside wicking occurs in the following Candle 3 is just a bonus for bargain buyers.\u201d<\/p>\n

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

On lower timeframes, the picture remained unclear, with BTC\/USD stuck in a narrow range still $1,000 above its multi-year lows from Q4.<\/p>\n

Order book data from Binance uploaded by Material Indicators showed a lack of tangible support between spot price and $16,000, with resistance stacked at $17,000 and higher.<\/p>\n

BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n

As Cointelegraph reported, predictions for Q1, 2023 range from a recovery above $20,000 to a fresh shock for bulls in the form of a trip below $10,000.<\/p>\n

Risk assets could see “some reprieve”<\/h2>\n

On macro, United States equities opened to modest losses, the S&P 500 and Nasdaq Composite Index both down nearly 1% at the time of writing.<\/p>\n

Related:\u00a0Bitcoin ‘not undervalued yet’ says research as BTC price drifts nearer $16K<\/em><\/strong><\/p>\n

The U.S. dollar also looked unable to book fresh gains in time for the end of the year, with the U.S. dollar index (DXY) continuing a downtrend to circling six-month lows.<\/p>\n

\u201cKeep an eye on the U.S. Dollar Index DXY here! A breakdown could increase momentum for bullish market dynamics,\u201d a hopeful Caleb Franzen, founder of Cubic Analytics, told<\/a> Twitter followers on Dec. 29. <\/p>\n

\u201cThe Fed is still tightening, with balance sheet reductions likely to become a significant factor in 2023. Still, risk assets might have some reprieve soon.\u201d<\/p><\/blockquote>\n

U.S. dollar index (DXY) 1-day 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