Bitcoin hits the ceiling
Market picture
Crypto market capitalisation rose 2% over the past 24 hours to $858bn. Bitcoin added 2.3% to $17.2K, trading near the top of its range since November 12.
The technical picture remains the same for Bitcoin, and it will need to confirm a move out of its abnormally narrow range, whichever way it moves.
In the event of a further rise, such confirmation would see a consolidation at above $18K, near the 50-day moving average and local support from June through October. A downward move could lead to further decline if it sends the price below $16K.
News background
Amid the collapse of FTX and the crypto market, Coinbase's revenues could be halved by 2022, the company's CEO Brian Armstrong said.
A new CNBC poll shows that Americans' attitudes towards cryptocurrencies have deteriorated significantly amid the collapse of the Terra ecosystem and the bankruptcy of cryptocurrency exchange FTX. Only 8% of US residents have a favourable view of crypto assets.
The Ethereum team has said it plans to activate the Shanghai hardfork n March 2023.
Popular Twitter analyst PlanB, author of the stock-to-flow model, reiterated his confidence in the massive growth of bitcoin in 2023 or at least in 2024. According to him, BTC will be worth between $100K and $1 million after the next halving, with the first cryptocurrency expected to bottom in the next three weeks.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
