BTC Price Hits New December Low As Bitcoin Falls 2% With Asia Shares
Bitcoin (BTC) hit new all-time lows on December 7 as Asian markets fell during trading.
$16,500 stands as support as BTC price fluctuates
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to a low of $16,736 on Bitstamp, a level not seen since November 30.
The pair thus began to erase the ground it had regained into the month-end of November, showing heavy influence from Asian stocks before Wall Street opened.
Sentiment was nervous on the day, with Hong Kong’s Hang Seng index down 3.2% at time of writing and the Nikkei 225 and Shanghai Composite Index down 0.7% and 0.4%, respectively.
“Well, there we go with Bitcoin, could not hold support and started to fall down, just as the indices have shown weakness,” Michaël van de Poppe, founder and CEO of trading company Eight, reacted.
“Has been patiently waiting for a long time and will continue to do so. Most likely; longing around $16.5k is valid or reclaim $16.9k.”
Popular Twitter trading account Profit Blue, meanwhile, entertained the possibility of steeper BTC price is falling going forward.
For fellow trader Elizy, meanwhile, it was time to wait re-emergence at $16,500 for a long scalp trade.
A similarly optimistic view came from Bull, who looked at a potential reclaim at $17,000 next on shorter time frames.
Previously, a scan of the Binance order book from the chain had monitoring resource Material Indicators revealed assembly support at $16,500.
CPI already in focus
With Bitcoin markets still calm compared to November’s intense volatility, analysts continued to look for upcoming macro signals.
Related: ‘Imminent’ Crash For Stocks? 5 things to know in Bitcoin this week
These were fixed in the form of next week’s US Consumer Price Index (CPI), due on 13 December.
For the trading company QCP Capital, there was reason to believe that the figures could favor risk assets in terms of falling inflation.
“With retailers struggling with inventory all year due to the consumer slowdown, it is likely that they used Black Friday/Cyber Monday to offer eye-popping discounts to clear inventory, which will factor into the November CPI print that released next week.” it postulated in its latest market update on December 5.
However, QCP remained wary of the stock’s potential to mount a sustained rally, with a breakdown causing further pain for correlated cryptoassets.
“While many say that BTC and ETH are lagging stocks and should catch up, we rather see it as stocks that have exceeded fundamentals and will soon pull back,” it wrote.
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
