Bitcoin slides to $16,800 as global asset prices bludgeon

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(Kitco News) – Global asset prices suffered their second straight day of losses on Friday as negative news about the U.S. economy continues to emerge, prompting investors to further de-risk and wait for brighter market conditions. attractive.

The S&P, Dow and Nasdaq all ended the day lower, down 1.11%, 0.85% and 0.97%, respectively, resulting in the second consecutive weekly loss for the US stock market.

Data from TradinView shows that the price of Bitcoin (BTC) underwent a selloff around the time markets opened in the US, falling from support at $17,400 to a daily low of $16,750. in the afternoon before the bulls pushed its price back above $16,800.

BTC/USD 4 hour chart. Source: Trading View

Despite the spike in volatility, not much has changed in Bitcoin’s macro picture at this point, as it is still trading within the range it has been trapped in since early November. Kitco’s senior technical analyst called the morning decline a “routine weekend downside correction after hitting a five-week high on Wednesday.”

According to Wyckoff, “prices are still in an uptrend on the daily chart” and “bulls still have the slight overall short-term technical advantage.”

Crypto Twitter Turns Bearish

Following Bitcoin’s struggles over the past two days, the mood on the crypto Twitter has turned bearish, with many now speculating about the possibility of a pullback to the support levels below $15,600 and $14,600.

#Bitcoins

This scenario has worked well in recent weeks. We have “almost” reached the 0.5 Fib line.

What happens after that? IF $BTC can’t hold $17,000, get ready for $15,600 or even $14,600.

It is what it is, but see it as a chance to buy incredibly cheap. pic.twitter.com/jPV5WmDjOl

— (@el_crypto_prof) December 16, 2022

But not everyone took a negative outlook, including crypto trader StanTrader, who posted the following tweet highlighting a potential “swing long” play for BTC.

Swing long $BTCLet’s see how it goes pic.twitter.com/CSEb5Tk1eb

— StanTrader (@Stanley_Trader) December 16, 2022

Altcoins suffer heavy losses

Altcoins largely followed Bitcoin’s bearish lead, with less than 10 non-stable tokens in the top 200 posting gains on the day while the rest suffered losses.

Daily performance of the cryptocurrency market. Source: Coin360

The best performers of the day include Toncoin (TON), Magic (MAGIC) and Request (REQ), which gained 5.74%, 4.31% and 3.31% respectively. The biggest losers of the day were ABBC Coin (ABBC), Energy Web Token (EWT) and TrustWallet Token (TWT), which lost 12.04%, 9.96% and 9.83% respectively.

The overall cryptocurrency market capitalization now stands at $822 billion and Bitcoin’s dominance rate is 39.6%.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

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