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BTC Price Dips Below $16.7K as US GDP Meets New BTC Price ‘Death Cross’

Bitcoin May Encounter A Brand-New “Death Cross”

According to Blockchain Gossips Markets Pro and TradingView data, BTC/USD on Bitstamp fell to intraday lows of $16,650.

The S&P 500 opened lower by 1.6%, and the Nasdaq Composite Index was trading lower by 1.8% at the time of writing. The pair continued to be an obvious stock copycat.

The lacklustre performance looked to be a response to data that was released earlier in the day that showed the US GDP grew faster than anticipated in the third quarter.

Concerns centred on the Federal Reserve continuing its restrictive economic policy on the presumption that the economy would be able to survive the measures despite what was theoretically a sign of recovery.

A “pivot” in policy, according to economists, would theoretically take the shape of longer-lasting interest rate increases because it wouldn’t be likely to happen before 2024, at the earliest.

Risk assets as a result did not benefit from the GDP figure, disappointing traders who were looking for a Santa Clause bounce.

Retest clearly bearish. On the daily S&P 500 chart, trader and analyst Il Capo of Crypto stated, “Downtrend intact.”

This week, Il Capo of Crypto issued a warning that the markets as a whole were “not prepared” for impending losses.

Some analysts also have a decidedly pessimistic outlook for Bitcoin.

A never-before-seen “death cross” between the 50-day and 200-day exponential moving averages (EMA) that is currently due was noted by Bleeding Crypto.

Annotated Bitcoin/USD chart. Source: Twitter and Bleeding Crypto

Meanwhile, Daan Crypto Trades called attention to the year’s end and the likelihood that this will be Bitcoin’s third consecutive year of decline.

He observed that this year’s percentage drop “sits just in between the previous two negative years, namely 2014 and 2018.”


Analyst Toni Ghinea expressed less optimism for Bitcoin bulls elsewhere, contending that the macro bottom will not show until Q1 2023.

surrender to 11–14k. lowest in Q1 2023. Expecting the last move down shortly,” said a tweet.


After Reading The GDP, The Dollar Attempts A Recovery

The U.S. dollar, however, experienced a confident strength rebound as the main beneficiary of the GDP print.

Related: As measure enters “value zone,” Bitcoin low volume prompts BTC price alert

As of this writing, the U.S. Dollar Index (DXY) was at 104.5, up from lows of 103.75 just before the opening.

Thus, the dollar made some progress toward recouping losses brought on by the Bank of Japan’s unexpected intervention earlier in the week.

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