Bitcoin price hits a low of $16,520 as a Santa Claus rally is nowhere in sight Bitcoin BTC Bitcoinprice
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Following back-to-back weekly losses in the stock market, the S&P, Dow and Nasdaq began the last full trading week of 2022 on shaky footing, trending lower to close the day in the red, down 0.90%, 0.49%, and 1.49%, respectively. As a result of today’s downside move, “Bulls have lost their overall near-term technical advantage and the bears now have some momentum on their side,” Wyckoff said.Further insight into the price action for Bitcoin was provided in the latest macro update from Eight Global, which kicked off by saying that “BTC has had a very tough week.”
According to the update, the monthly demand found near $10,000 - $12,000 will serve as a strong support level, but “a lot needs to happen to push the price towards that $10-12k zone, as we still have several strong support levels at lower timeframes.”
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