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BTCUSD Market Update

12/5/2022 2:14 PM

Last week, the BTC/USD pair attempted to grow and managed to win back the positions lost earlier and is currently trading around 17400.00.

The cryptocurrency market is under the influence of two opposite factors. On the one hand, investors fear the consequences of the bankruptcy of the FTX crypto exchange and are reducing investments in digital assets, as evidenced by the decrease in the number of "whales," which, according to the Glassnode platform, reached a two-year low at 1,662K. On the other hand, the growth of cryptocurrencies can be supported by monetary factors: the slowdown in monetary policy tightening announced last week by US Federal Reserve officials at the December meeting led to the weakening of the US currency against alternative assets, including digital ones. Several analysts expect it will become a driver for the start of the traditional pre-Christmas Santa rally, during which the positions of market leaders will be significantly restored.

If the current growth turns out to be short-term, BTC quotes will return to decline with a long-term target of 10000.00–7000.00.

The trading instrument is near the resistance zone 17500.00–17830.00 (Murrey level [6/8], Fibonacci correction 23.6%), the breakdown of which will give the prospect of further growth to 19100.00 (Fibonacci correction 38.2%), 20000.00 (Murrey level [8 /8], Fibonacci retracement 50.0%). If the middle line of Bollinger bands is broken down to the area of ​​16600.00, the decline may resume to 15000.00 (Murrey level [4/8]) and 13750.00 (Murrey level [3/8]).

Technical indicators do not give a single signal: Bollinger bands are horizontal, Stochastic reverses upwards but are near the overbought zone, and the MACD is decreasing in the negative zone.

Resistance levels: 17830.00, 19100.00, 20000.00. | Support levels: 16600.00, 15000.00, 13750.00.

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