Wednesday, December 17, 2024
The price of Bitcoin continues to trade in the range of $41,500 to $43,500 as it awaits new updates regarding the Bitcoin-ETF. Since the price closed below $43,500 yesterday, there remains a risk of a decline. The strengthening of the dollar, following statements by Federal Reserve officials about maintaining a tight monetary policy, has put pressure on risk assets. Stock indices also closed in the negative territory, which is bad for the cryptocurrency market.
At the time of writing this overview, Bitcoin is trading at $42,800. Over the last four days, sellers have tried twice to break through to $41,500, but buyers stopped them first at $41,718 and then at $42,050. Technically, conditions favor sellers.
Yesterday's ETF trades also ended in the red, which is bad for buyers. Additionally, pressure is coming from the rising ETHBTC pair, where Ethereum is in demand. There is a belief that the sideways trend will continue today.
