{"id":9317,"date":"2022-12-22T17:03:13","date_gmt":"2022-12-22T17:03:13","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9317"},"modified":"2022-12-22T17:03:14","modified_gmt":"2022-12-22T17:03:14","slug":"bitcoin-dips-below-16-7k-as-us-gdp-meets-fresh-btc-price-death-cross","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9317","title":{"rendered":"Bitcoin dips below $16.7K as US GDP meets fresh BTC price &#8216;death cross&#8217;"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) fell at the Dec. 22 Wall Street open as United States equities reversed previous gains.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Bitcoin risks new and unseen &#8220;death cross<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD dipping to intraday lows of $16,650 on Bitstamp. <\/p>\n<p>The pair remained a conspicuous stocks copycat as the S&amp;P 500 opened down 1.6% and the Nasdaq Composite Index traded down 1.8% at the time of writing.<\/p>\n<p>The weakness appeared to be a reaction to stronger-than-expected U.S. gross domestic product (GDP) growth in Q3, data for which was released prior to the open. <\/p>\n<p>Despite notionally a sign of recovery, concerns focused on the Federal Reserve continuing its restrictive economic policy on the assumption that the economy would be able to withstand the measures.<\/p>\n<p>This would notionally come in the form of longer-lasting interest rate hikes, with analysis already arguing that a \u201cpivot\u201d in policy was unlikely until 2024 at the earliest.<\/p>\n<p>As such, risk assets saw no relief from the GDP print, further disappointing traders hoping for a Santa rally.<\/p>\n<p>\u201cClear bearish retest. Downtrend intact,\u201d trader and analyst Il Capo of Crypto commented on the daily S&amp;P 500 chart.<\/p>\n<p>Il Capo of Crypto warned earlier this week that markets as a whole were \u201cnot prepared\u201d for what would be fresh upcoming losses.<\/p>\n<p>On Bitcoin, the mood among some pundits was likewise firmly bearish.<\/p>\n<p>Bleeding Crypto highlighted a never-before-seen \u201cdeath cross\u201d involving the 50-day and 200-day exponential moving averages (EMA) now due.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Bleeding Crypto\/ Twitter<\/em><\/p>\n<p>Daan Crypto Trades meanwhile drew attention to the yearly close, this likely to become Bitcoin\u2019s third negative year ever.<\/p>\n<p>\u201cThe percentage loss this year is sitting right in between the other two negative years, being 2014 and 2018,\u201d he noted.<\/p>\n<p><em>BTC\/USD annotated chart. Source:\u00a0Daan Crypto Trades\/ Twitter<\/em><\/p>\n<p>Elsewhere, analyst Toni Ghinea had little optimism in store for Bitcoin bulls, arguing that the macro bottom would not appear until Q1 2023.<\/p>\n<p>\u201cCapitulation to 11-14k. Bottom in Q1 2023. Expecting the final move down soon,\u201d a tweet read on the day.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Toni Ghinea\/ Twitter<\/em><\/p>\n<h2>Dollar seeks comeback after GDP print<\/h2>\n<p>The main beneficiary of the GDP print, meanwhile, was the U.S. dollar, which on the day saw confident rebound in strength.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin low volume sparks BTC price warning as metric hits \u2018value zone\u2019<\/em><\/strong><\/p>\n<p>The U.S. dollar index (DXY) circled 104.5 at the time of writing, up from lows of 103.75 from before the open.<\/p>\n<p>The greenback thus went some way to recovering losses engendered by a surprise intervention by the Bank of Japan earlier in the week. <\/p>\n<p><em>U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-dips-below-16-7k-as-us-gdp-meets-fresh-btc-price-death-cross\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) fell at the Dec. 22 Wall Street open as United States equities reversed previous gains. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin risks new and unseen &#8220;death cross Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD dipping to intraday lows of $16,650 on Bitstamp. The pair remained a conspicuous stocks copycat [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9317"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9317\/revisions"}],"predecessor-version":[{"id":9319,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9317\/revisions\/9319"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9318"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}