Good news for Bitcoin – Yesterday, the US inflation figure (CPI) fell, and this is good news for the financial markets. In fact, consumer prices over a rolling year have now fallen from 3.2% to 3.1%. Thanks to this falling figure, it is unlikely that the Fed (American Federal Reserve) will decide to continue raising rates. The cryptocurrency market could benefit from this situation.
As the price of Bitcoin falls, whales with more than 10,000 BTC appear to be ready for the bull run. The price of Bitcoin is moving around $41,000, but buyers will have to step up to avoid losing this level. Here is today’s newsletter!
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Bitcoin price falls 1.5% in 24 hours
BTC keeps the psychological round number of $40,000, but the price continues to fall. In fact, the price of Bitcoin displays a drop of 1.5% in 24 hours and almost 6% in one week :
Now, BTC shows an increase of almost 12% in one month and of 57% in three months. The BTC/ETH pair climbs1% in 24 hoursbut she fall of almost 2% in one week.
Bitcoin Price Falls 5.75%, Records Third Biggest Fall of the Year
The price of Bitcoin went from $16,600 has $44,000 in 2023. This is therefore a year where the BTC regains color and carries the cryptocurrency market. Also, this is a relatively calm in terms of volatilityand particularly at the level of bearish volatility :
In fact, on December 11, the price of Bitcoin fell 5.75%. it’s about the third largest fall on one day in 2023. The falls on one day, known in 2023, are relatively weakespecially if we compare with the year 2022. Indeed, last year, it was not uncommon to experience days with more 10% drop. Will the year end without a drop of more than 10% ? Let’s hope that BTC doesn’t spoil the end-of-year holidays…
Bitcoin price must maintain support at $40,500
BTC closed below the last low at $41,160but buyers defend the support at $40,500. If this support is retained, a return to the level of resistance at $42,000 is possible :
It will be necessary to break the resistance at $42,000 to be able to try again exceed $44,000. On the other hand, if sellers prevail over buyers at the support level, the price could return to the level of next support located at $37,500. The RSI is bearishit continues to show descending lows and highs.
The price of Bitcoin impresses with its performance in 2023, but also with the daily falls which turn out to be relatively small. On December 11, BTC marked its third largest decline of the year. Let’s hope the trend continues for the king of cryptocurrencies. Buyers must defend support at $40,500 to avoid returning to the $37,500 level. Meanwhile, Avalanche (AVAX) is up more than 80%.
Bitcoin news that matters:
- After heavily accumulating in 2022, entities with more than 10,000 BTC in their portfolio are distributing their precious BTC. Are the whales ready for the bull run? The price of Bitcoin is trying to hold on to $40,000.
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