BTC price hits new low in December as Bitcoin plunges 2% with Asian stocks

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Bitcoin (BTC) hit new month-to-date lows on Dec. 7 as Asian markets fell during trading.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingView $16,500 provides support as BTC price falters

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell to $16,736 on Bitstamp, a level not seen since November 30.

The pair thus began to erase the ground it had regained at November’s monthly close, showing strong influence from Asian stocks ahead of Wall Street’s open.

The mood was nervous on the day, with Hong Kong’s Hang Seng Index down 3.2% at the time of writing and the Nikkei 225 and Shanghai Composite Index down 0.7% and 0.4%, respectively.

Welp, here we go with Bitcoin, couldn’t hold support and started falling, just as the indices showed weakness, Michal van de Poppe, founder and CEO of trading company Eight, reacted:

I have waited patiently for a long time and will continue to do so. Most likely; a desire of approximately $16.5,000 is valid or recovers $16.9,000.

Popular Twitter trading account Profit Blue, meanwhile, eyed the possibility of a steeper BTC price drop ahead.

For fellow trader Elizy, meanwhile, it was time to wait for the re-emergence of $16,500 for a long scalp trade.

An equally optimistic take came from Bull, who eyed a potential recovery of $17,000 next on shorter timeframes.

Earlier, an analysis of Binance’s order book from on-chain monitoring resource Material Indicators revealed mounting support at $16,500.

BTC/USD order book data (Binance). Source: Material Indicators/ TwitterCPI already developed

With bitcoin markets still calm from November’s intense volatility, analysts continued to look for upcoming macro cues.

Related: Imminent Crash for Stocks? 5 things to know about Bitcoin this week

These were firmly in the form of the US Consumer Price Index (CPI) print next week, due on December 13th.

Trading firm QCP Capital said there was reason to believe the numbers could favor risky assets when it comes to lower inflation.

Retailers struggling with year-round inventory due to slowing consumer spending, they are likely to have used Black Friday/Cyber ​​Monday to offer eye-popping discounts to clear inventory, this which would be factored into the November CPI print out next week, he postulated in his last market update on Dec. 5.

However, QCP remained wary of potential stocks to stage a sustained rally, with a breakdown causing further difficulties for correlated crypto assets.

While many say BTC and ETH are lagging stocks and should catch up, we instead see them as stocks that have outperformed fundamentals and will soon pull back, he writes.

The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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