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Bitcoin on December 20, 2022 – Japanese Surprise

The BoJ in the footsteps of the Fed ? the bitcoin (BTC) price take a dip above $17,000, boosted by an unexpected move from the Japanese central bank. Nevertheless, the cryptocurrency fails to really regain key levels.

Bank of Japan Hikes Rates: Green Hiding Reds Ahead for Bitcoin Price?

Bitcoin price goes up up to $17,057 on Bitfinex today, December 20, 2022. The cryptocurrency is trading at $16,881 at the time of writing. Its price is currently recording a daily gain of 2.63%.

Bitcoin Tire Benefits from Lower Dollar (DXY), as Bank of Japan (BoJ) Surprised Markets, In value the rate of its mandatory returns.

The DXY in daily unit

Although Bitcoin has strengthened from this decision by the Japanese central bank in the immediate term, traders and analysts due to this rate increase will hurt all markets, especially those in risky assets, in the coming days. or the following weeks.

The merchant Christian H. Cooper has thus noted that a minor change in Bank of Japan policy “has huge implications that will take weeks show up”. The merchant provides in particular for a decline in stocks for weeks, as well as “chaos”.

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Resistant averages, thicker red cloud and on a downward trajectory

Despite this bullish impulse from Bitcoin boosted by dollar weakness, the cryptocurrency failed to touch the 30-day exponential moving average – in orange in the graph below – which stands at $17,123.

After crossing this level on December 13, Bitcoin rose above $18,000. He lost it on December 16, to come back later to around $16,300.

And while Bitcoin admittedly managed to break through the 30-day simple moving average at $16,860 – lines violette – at the moment, the cryptocurrency does not show no conclusive signs of a lasting reconquest of this level, which has been acting as a resistance for several days.

Bitcoin price in daily unit
BTC USD in daily unit

Given these moves, can Bitcoin still sustainably return above $17,000 in the very near term, or will bear pressure increase and further complicate such a climb? ?

The Bitcoin price chart above in daily units shows that the Ichimoku Cloud, which is currently a major resistance area for the cryptocurrency, thickens and could down to $17,000 in the next few days.

At this stage, a reconquest of $17,000 thus seems difficult without an exogenous factor that would have a strong enough impact, to allow Bitcoin to cross the resistance lines at the simple and exponential moving averages of the 30 days, as well as this red cloud.

the $14,000 scenario currently seems more likely than a sustained rally above $17,000. And even if the cryptocurrency manages to get back above this level, a bullish continuation seems even more complicated.

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#Bitcoin #December #Japanese #Surprise #Cryptomonnaie

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