Bitcoin hits the ceiling

Market picture

Crypto market capitalisation rose 2% over the past 24 hours to $858bn. Bitcoin added 2.3% to $17.2K, trading near the top of its range since November 12.

The technical picture remains the same for Bitcoin, and it will need to confirm a move out of its abnormally narrow range, whichever way it moves.

In the event of a further rise, such confirmation would see a consolidation at above $18K, near the 50-day moving average and local support from June through October. A downward move could lead to further decline if it sends the price below $16K.

News background

Amid the collapse of FTX and the crypto market, Coinbase's revenues could be halved by 2022, the company's CEO Brian Armstrong said.

A new CNBC poll shows that Americans' attitudes towards cryptocurrencies have deteriorated significantly amid the collapse of the Terra ecosystem and the bankruptcy of cryptocurrency exchange FTX. Only 8% of US residents have a favourable view of crypto assets.

The Ethereum team has said it plans to activate the Shanghai hardfork n March 2023.

Popular Twitter analyst PlanB, author of the stock-to-flow model, reiterated his confidence in the massive growth of bitcoin in 2023 or at least in 2024. According to him, BTC will be worth between $100K and $1 million after the next halving, with the first cryptocurrency expected to bottom in the next three weeks.

About the author

Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.