All major averages closed in the red this week, pausing the relief bounce in the Bitcoin American stock markets. Before the heavy economic calendar the following week, traders appear to have booked profits.
Although the S&P 500 index fell by 3.37%, Bitcoin did not follow the stock markets lower, which is a small plus for the cryptocurrency markets. This shows that cryptocurrency traders are not losing control of their holdings as soon as the value of the stock market drops. Bitcoin’s range-bound behavior shows that traders are refraining from placing significant wagers prior to the Federal Reserve’s rate hike announcement on December 14. That hasn’t halted the activity, though, in some altcoins that are now showing potential.
Bitcoin Has Low Price Movement
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Over the previous three days, Bitcoin has been circling around its 20-day EMA, which is $17,031. Both the bulls and the bears are not clearly in the lead thanks to the flat 20-day EMA and the relative strength index (RSI) near 50. $17,622 is the crucial level to keep an eye on. The BTC/USDT pair may begin a more robust rebound if buyers push the price over this mark, which might push it toward the downtrend line.
It is anticipated that the bears will vigorously defend this level. Indicators point to the bulls trying to turn the level into support if the price changes course from the downtrend line but stay above $17,622. This might make it more likely that the downtrend line will be broken. Then, the pair can increase to $21,500.
If the price drops below $16,678, the bears may become more powerful. The two may then be purchased for $15,995.