BTC Price Levels to Watch as Bitcoin Plunges Below $17.5,000 After FOMC

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Bitcoin (BTC) is trending lower after hitting 1-month highs around the latest macro data and policy update from the US.

After hitting around $18,370 on Bitstamp on Dec. 14, BTC/USD is now reversing its gains, leading traders to watch where the next reversal might occur.

Opinions diverge, with some warning that support levels for bulls are already falling, while others believe recent events are just another point on the way to much lower levels.

Cointelegraph takes a look at what some popular commentators are looking for next when it comes to short-term BTC price action.

Michl van de Poppe: $17,200 must be kept to shoot at $20,000

After calling the market’s macro reaction to the Federal Reserve relatively boring this week, Michal van de Poppe, CEO and founder of trading company Eight, says support levels are already near for BTC/USD.

With the pair down nearly $1,000 from local highs at the time of writing, Van de Poppe was eyeing $17,200 as a line in the sand for bulls.

After the gains, a higher low (HL) could be on the cards next. On the upside, bulls holding support can still offer a Santa rally that includes a trip past the $20,000 mark.

Overall, we will have some consolidation on Bitcoin, looking for an HL, he told Twitter followers.

The area to hold remains the same; $17.2-17.4,000. If we do, the way to $20.5,000 in 2-4 weeks is open.

BTC/USD last traded above $20,000 just before the FTX debacle sent the entire crypto market down 25% or more.

Daan Crypto Trades: The Market Wants to Eliminate Everyone

Bitcoin is looking for top-to-bottom liquidity, says popular trader and analytics account Daan Crypto Trades.

After highlighting the June low of $17,600 Bitcoin this year as an important level for bulls, BTC/USD took a few hours to descend even lower.

As such, it was clear that longs and shorts could be punished in short periods.

All joking aside, the market is ready to wipe out everyone on both sides right now, Daan wrote in a later tweet.

It is good to keep note of all the untapped highs and lows to see where the price possibly wants to head next.

This untapped liquidity stretches to just over $17,000 at the time of writing, while on the upside $17,750 and above represents selling pressure.

Daan previously flagged $18,200 as an important level to return to support in the event of a sustained upside retracement.

BTC/USD annotated chart. Source: Daan Crypto Trades/ TwitterCrypto Tony: $17,300 “will be hit”

Meanwhile, fellow Crypto trader Tony said he assumed $17,300 would reappear on the day.

Related:Bitcoin 70% Bear Market Kills BTC Tourists As Metric Screams Buy

Hedge short is doing well and stop loss on Bitcoin on my previous long at $17,300 will undoubtedly hit today. Only took partial profits on this push, but not much. Not the best job and not the worst, he explained to fans.

Another tweet added that BTC/USD needs to see additional buying interest for further upside.

As Cointelegraph reported, there are many more bearish positions on BTC price action, including those from Crypto’s Il Capo, who still believes the massive sellout is yet to come.

Longer term, Crypto Tony also refuses to rule out a dive to $10,000.

BTC/USD was trading at around $17,500 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView, just before trading began on Wall Street.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

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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