{"id":128608,"date":"2020-12-08T12:49:30","date_gmt":"2020-12-08T09:49:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-risks-losing-critical-technical-level-as-stocks-under-pressure\/"},"modified":"2020-12-08T12:49:30","modified_gmt":"2020-12-08T09:49:30","slug":"bitcoin-price-risks-losing-critical-technical-level-as-stocks-under-pressure","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-risks-losing-critical-technical-level-as-stocks-under-pressure\/","title":{"rendered":"# Bitcoin price risks losing &#8216;critical technical level&#8217; as stocks under pressure"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a297d8f79cfe\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a297d8f79cfe\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-risks-losing-critical-technical-level-as-stocks-under-pressure\/#Macro_uncertainty_coincides_with_BTC_chart_technicals\" >Macro uncertainty coincides with BTC chart technicals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-risks-losing-critical-technical-level-as-stocks-under-pressure\/#JPMorgans_optimistic_viewpoint_is_a_variable\" >JPMorgan\u2019s optimistic viewpoint is a variable<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price risks losing &#8216;critical technical level&#8217; as stocks under pressure  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>U.S. stocks have started to correct as worries surrounding the pandemic <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.theatlantic.com\/health\/archive\/2020\/12\/covid-deaths-seven-day-average-highest-april\/617318\/\">are mounting<\/a>. Meanwhile, theBitcoin (BTC) price has pulled back below $18,800 on Dec. 8 after struggling to break resistance at $19,500.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/66c2a823-c6ce-4b85-8ec6-f75513510f80.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>The daily price chart of Bitcoin (Coinbase). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>COVID-19 cases in the United States and Europe are continuously surging despite strict restrictions. Sweden, for instance, which has thus far relied on voluntary measures, has <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/long-a-holdout-from-covid-19-restrictions-sweden-ends-its-pandemic-experiment-11607261658\">implemented<\/a> a new set of restrictions.<\/p>\n<p>Since Oct. 30, the Dow Jones Industrial Average increased by 13.46% within six weeks. Other major U.S. stock market indices, such as the S&amp;P 500, similarly rose by around 13%.<\/p>\n<p>Following a strong six-week rally, the calls for a stock market correction are emerging. Some technical indicators <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/articles\/these-warning-signs-point-to-overheating-stock-market-momentum-2020-12-07\">pinpoint<\/a> an overheating equities market, which could negatively affect alternative assets like Bitcoin in the short term.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Macro_uncertainty_coincides_with_BTC_chart_technicals\"><\/span>Macro uncertainty coincides with BTC chart technicals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Market analysts say that Bitcoin is currently battling a critical level that could dictate its short-term price direction. <\/p>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a>ly, analysts point toward the $19,500 to $19,600 range as the important resistance area in the foreseeable future. Above it, BTC has the potential to break through a new all-time high and continue the rally. <\/p>\n<p>If Bitcoin convincingly breaks down below it, traders expect anywhere between $14,000 to $18,000 as the support range.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> price is near a critical technical level <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/t.co\/wrr2IcUVqv\">pic.twitter.com\/wrr2IcUVqv<\/a><\/p>\n<p>\u2014 Naeem Aslam (@NaeemAslam23) <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/NaeemAslam23\/status\/1336220477254152193?ref_src=twsrc%5Etfw\">December 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The timing of the growing uncertainty in the Bitcoin market is noteworthy because it coincides with an ambivalent U.S. stock market.\u00a0<\/p>\n<p>For the past few weeks, U.S. stocks have rallied, buoying the sentiment for risk-on assets. But the recent pullback of the S&amp;P 500 in the after-hours trading session indicates investors are turning cautious. Holger Zschaepitz, a market analyst at Welt, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/1336193445631827968\">said<\/a>:<\/p>\n<blockquote><p>\u201cGlobal stocks under pressure as pandemic concerns outweigh stimulus hopes. S&amp;P 500 Futures dip amid fears of restrictions as infections climb. Bonds held on to Mon\u2019s gains w\/US 10y yields at 0.93%. Dollar steady w\/Euro at $1.2120. Gold trades higher at $1868. #Bitcoin at $19.1k.\u201d<\/p><\/blockquote>\n<p>The primary source of fear and uncertainty stems from whether an additional\u00a0monetary stimulus\u00a0package is coming in the near term. Despite the optimism around vaccines, the second wave of lockdowns and economic restrictions in both the U.S. and Europe is putting pressure on market sentiment.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/14ba3e98-d569-4bcf-b073-68b8dd939970.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin rolling 90-day returns correlations. Source: Digital Assets Data, Cointelegraph Markets<\/em><\/figcaption><\/figure>\n<p>Bitcoin&#8217;s correlation with the S&amp;P 500 and gold has been decreasing since October. Nevertheless, a drop in equity markets will likely also see a pullback in BTC and gold prices, at least initially, as was seen in March.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/4ee8d590-78cf-4a51-8a05-c62fdf1c988f.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Crypto Fear and Greed Index. Source: Digital Assets Data, Alternative.me<\/em><\/figcaption><\/figure>\n<p>As Cointelegraph reported, another variable to consider is the lackluster volume in the Bitcoin market amid record levels of &#8220;extreme greed,&#8221; based on the Crypto Fear and Greed Index. The daily trading volume of BTC has been in a downtrend compared to previous weeks, which also demonstrates an elevated level of caution in the market. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"JPMorgans_optimistic_viewpoint_is_a_variable\"><\/span>JPMorgan\u2019s optimistic viewpoint is a variable<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Although the short-term sentiment around risk-on assets is dwindling, JPMorgan says the market is still in the middle of a bull trend.<\/p>\n<p>According to Business Insider, JPMorgan strategists explained that the \u201clong equities\u201d trade is overcrowded and the possibility of a January correction exists. However, the strategists <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.marketwatch.com\/story\/we-are-only-in-the-middle-of-the-bull-market-and-a-buying-opportunity-could-come-soon-jpmorgan-says-11607344038\">emphasized<\/a> that any correction in the stock market would be an opportunity to buy. They said:<\/p>\n<blockquote><p>\u201cThus any equity correction in the near term would represent a buying opportunity as in our opinion we are only in the middle of the current bull market.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-risks-losing-critical-technical-level-as-stocks-under-pressure\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price risks losing &#8216;critical technical level&#8217; as stocks under pressure &#8221; U.S. stocks have started to correct as worries surrounding the pandemic are mounting. Meanwhile, theBitcoin (BTC) price has pulled back below $18,800 on Dec. 8 after struggling to break resistance at $19,500. The daily price chart of Bitcoin (Coinbase). Source: TradingView COVID-19&#8230;<\/p>\n","protected":false},"author":1,"featured_media":128609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/fbf44c40-d36c-4f1f-b938-a0fc5f8938c8.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74972,74937,75802,75150,73785,70359],"class_list":["post-128608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-futures","tag-bitcoin-price","tag-jpmorgan","tag-market-update","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/128608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=128608"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/128608\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/128609"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=128608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=128608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=128608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}