20 Dec 2021 | ZebPay Trade-Desk
The market is not quite in end-of-year mode, though one can certainly see it just around the corner. Crypto has traded soft so far this week, with BTC touching below $46k last week. Bitcoin price lost the $47k support, and altcoin prices dropped by as much as 25% within a matter of moments, before tentatively recovering, and then falling again to $46k levels. Currently, markets are moving sideways, and depending on which key level it beats, the trend will be decided.
Bitcoin, after making a new all-time high at $69,000, has been trading in a downtrend and the prices hit the low of $42,333. Post this move, the asset is consolidating and is trading in a narrow range from $50,000 to $45,500. Technically, on a daily time frame, BTC is forming a ‘Descending Channel’ where a more potent signal occurs with a breakout, which is when the asset’s price breaches an established channel’s boundaries, either on the upper or lower side. Hence, we expect the trend to be bearish to sideways until the prices are moving within the channel.
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