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As a result, the cryptocurrency reached the upper boundary of the triangle at $17.4k. Bitcoin failed to make a bullish breakout of the mark due to large selling volumes and additional pressure from the downward trend line. The failed retest of $17.4k triggered a reaction from sellers who managed to push the bulls out of profitable positions.
Today, December 7, BTC/USD quotes made a bearish breakdown of the $17k level. It is this milestone that is a key indicator of the potential success of the further upward movement of the cryptocurrency. As of writing, Bitcoin is trading near the $16,815 level, which also indicates that another important milestone has been broken.
The $16.9k support line is a key element of the local upward trend structure. Near this level, where the 0.236 Fibinacci passes, large volumes of BTC were absorbed. Thanks to this, the $16.9k–$17.1k corridor became the basis of the current upward movement.
If the breakout of this support zone turns out to be final, then there is every reason to believe that the price drop to $16k will not be the last one. Another rapid decline in the price of Bitcoin will lead to an update of the local bottom and another wave of panic in the market.
Bitcoin continues to strengthen its correlation with stock indices after the collapse of FTX. As of writing, the stock market is also in a downward movement, even more significant than BTC.
Historically, the correlation of Bitcoin and stock indices strengthens when falling, which can mean a growing influence of stock prices on cryptocurrency price movement. In other words, the downward trend in stock performance will be an additional deterrent for crypto investors.
As of 09:00 UTC, buyers have failed the key objective of holding the $16.9k–$17k level. Bitcoin failed to go beyond the range and provoked a sellers' backlash. As a result, the bears' pressure managed to stop near the $16.8k level.
Technical metrics point to continued downward momentum in Bitcoin. On the daily chart, the RSI and Stochastics have entered a declining phase near the 50 mark. The MACD indicator is turning sideways, indicating a decrease in the bullish potential of Bitcoin.
On the four-hour chart, we see preconditions for a local price reversal. Near the $16.8k level, buyers have entered the game, ready to protect the price from further decline. This is evidenced by a bullish cross on the stochastics and a sharp upward reversal on the RSI.
Buyers could not cope with the sharp influx of sales volumes, which triggered a breakout of the key $16.9k–$17k zone. Despite this, the trading day is just beginning, and as of 12:30, buyers' local attempts to restore the balance of power above $17k are already visible.
The main task for buyers for the current day will be to restore BTC/USD quotes above $17k. This will allow to continue the upward movement to the level of $17.4k–$17.6k and further to $18k. Otherwise, the price will retest $16k, where the probability of further decline will increase significantly.
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