© Reuters
Investing.com – No year-end rally in sight for the , with the cryptocurrency posting a slight pullback over the past two days. The has indeed bottomed at $16,586 overnight Tuesday-Wednesday, posting a 24-hour decline of 1.39% at the time of writing this article at 5:40 a.m. CET.
Weakness in US tech stocks on Tuesday played a role in bitcoin’s slight pullback, but the headlines remain light overall as 2022 draws to a close.
Note, however, that the FTX saga continued with Bahamian court documents showing that former CEO Sam Bankman-Fried borrowed hundreds of millions of dollars from Alameda Research to buy his stake in the FTX app. trading Robinhood Markets Inc. (NASDAQ:).
In a sworn statement before his arrest, Bankman-Fried said he and FTX co-founder Gary Wang together borrowed more than $546 million from Alameda through promissory notes in April and May. They used that money to capitalize Emergent Fidelity Technologies Ltd, the shell company that in May bought a 7.6% stake in Robinhood.
Bitcoin technical point
From a chart perspective, Bitcoin traders will consider potential support at $16,600, ahead of the December 19th low at $16,320, then the $16,000 bottom; the area of 15,500/600$.
On the upside, the psychological threshold of $17,000 is an immediate resistance, before $18,000, then the zone of $18,200-18,400.