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BTC drops to $47k support line

Bitcoin pulled back by 2.52% to $47,632 on Thursday, December 16. Buying activity was low-key during the European session as there was increased demand for altcoins in BTC pairs.

During the North American session, the BTCUSD pair remained on a downward trajectory amid overall strengthening of the dollar after Wednesday’s downturn, as well as a decline in the Nasdaq. Stocks had a bad day as the sell-off in major tech stocks intensified. The Nasdaq ended the day 2.5% lower. The benchmark pared all gains seen after the Fed meeting.

The cryptocurrency market is going through hard times due to a confluence of factors. Bitcoin continues to hover in the $45,670-51,950 price range, which has formed over the last 12 days.

Major events for equity and FX markets have passed and investors are now digesting central bank decisions to recalibrate their Q1 2022 trade strategies. We expect to see rangebound trading ahead of the weekend.

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