BTC price faces 20% drop in weeks if Bitcoin avoids key level — analyst
Bitcoin does not look good when it comes to sustained BTC price upside, traders warn, as GBTC reaches a fresh record discount. Bitcoin (BTC) stayed rigid below $17,000 at the Dec. 19 Wall Street open as skeptical traders feared more downside. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC traders call time on upside potential Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering around the $16,700 mark, practically unmoved over the weekend. The pair saw only fractional volatility at the open, as United States equities fell slightly. At the time of writing, the S&P 500 and Nasdaq Composite Index were down 0.5% and 1%, respectively. For Bitcoin traders, there was little to celebrate, with consensus forming around the potential for testing lower levels next. “Bearish as long as it stays below the $19k,” Crypto Poseidon summarized alongside a chart. BTC/USD annotated chart. Source: Crypto Poseidon/ Twitter Popular trader and analyst Rekt Capital...