{"id":511318,"date":"2022-12-06T10:05:59","date_gmt":"2022-12-06T15:05:59","guid":{"rendered":"https:\/\/wncen.com\/?p=511318"},"modified":"2024-06-11T14:31:36","modified_gmt":"2024-06-11T14:31:36","slug":"santa-came-early-in-crypto-bitcoin-rally-may-have-passed","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/santa-came-early-in-crypto-bitcoin-rally-may-have-passed\/","title":{"rendered":"Santa Came Early In Crypto? Bitcoin Rally May Have Passed"},"content":{"rendered":"<p><strong><span data-preserver-spaces=\"true\">Bitcoin saw positive price action recently but failed to follow through and could remain rangebound for December. The cryptocurrency rose from a new yearly low at $15,500, and market participants were expecting further profits, but the market has stalled.\u00a0<\/span><\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/tron-ecosystem-to-undergo-changes\/\" target=\"_blank\" rel=\"noopener \">TRON Ecosystem To Undergo Changes \u2013 A Bane Or Boon To TRX Price?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">As of this writing, Bitcoin is moving between $16,900 and $17,100. The cryptocurrency still maintains profits from its previous week, but today&#8217;s trading session has leaned towards the downside.\u00a0<\/span><\/p>\n<figure id=\"attachment_511340\" aria-describedby=\"caption-attachment-511340\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-511340 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-BTC-BTCUSDT-4.png?resize=860%2C376\" alt=\"Bitcoin BTC BTCUSDT\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-511340\" class=\"wp-caption-text\">BTC&#8217;s price moving sideways on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/1GNYms9y\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>No Christmas Miracle For Bitcoin?<\/h2>\n<p><span data-preserver-spaces=\"true\">In a recent market update, trading desk QCP Capital <a href=\"https:\/\/qcp.capital\/market-updates\/market-update-5-dec-2022\/\" target=\"_blank\" rel=\"noopener nofollow\">highlighted <\/a>the positive performance of Bitcoin and Ethereum in December. These digital assets have been closely following the trajectory of the stock market.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The firm believes equities have been showing strength on the back of a potential U.S. Federal Reserve (Fed) pivot. The financial institution hinted at moderating its monetary policy and reducing its interest rate hike program.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This potential change triggered &#8220;strong&#8221; bullish momentum for the stock market, allowing Bitcoin and Ethereum to rise 13% and 22% in the past two weeks. Despite the collapse of FTX in November and the fear of contagion, its value is almost back to October levels.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In this context, market participants have been quick to call out the end of the bear market, but QCP Capital claims that there are reasons to maintain a bearish bias. For example, robust economic data from the U.S. might support the Fed to continue its tightening policy.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">QCP Capital stated the following regarding the current price action in the legacy financial market and its impact on the crypto market:<\/span><\/p>\n<blockquote><p>While many are saying that BTC and ETH are lagging equities and should play catch up, rather we see it as equities having overshot fundamentals and will soon be reeled back.<\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">Thus, the possibilities of the stock market pushing down on Bitcoin and Ethereum are high. There are indications of possible downside pressure for stocks, crypto, and risk on assets.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Analyst Caleb Franzen pointed to the VIX index;<a href=\"https:\/\/wncen.com\/news\/bitcoin\/price-slump-for-bitcoin-looming-as-vix-rises-back-above-20\/\" target=\"_blank\" rel=\"noopener \"> an indicator used to measure volatility in legacy financial markets<\/a>. This metric has provided a solid strategy for risk asset buyers in 2022. The analyst said:\u00a0<\/span><\/p>\n<blockquote><p>The CBOE Market Volatility Index #VIX fell below 20 last week, but has launched higher today! As I&#8217;ve shared since August, the top strategy of 2022 has been:<\/p>\n<p>\u2022 Buy risk assets when $VIX &gt; 30<\/p>\n<p>\u2022 Sell risk assets when $VIX &lt; 20<\/p><\/blockquote>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/experts-present-doom-scenarios-for-bitcoin-ada-xrp-doge\/\" target=\"_blank\" rel=\"noopener \">Peter Schiff And Jim Cramer Present Their Doom Scenarios For Bitcoin, Cardano, XRP, Dogecoin<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Regardless of the bullish expectations, the crypto market might see more selling pressure in the coming weeks. This month&#8217;s Federal Open Market Committee (FOMC) will shed more light on the direction of the macroeconomic landscape and the landscape for risk-on assets, such as Bitcoin.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin saw positive price action recently but failed to follow through and could remain rangebound for December. The cryptocurrency rose from a new yearly low at $15,500, and market participants were expecting further profits, but the market has stalled.\u00a0 Related Reading: TRON Ecosystem To Undergo Changes \u2013 A Bane Or Boon To TRX Price? As of this writing, Bitcoin is moving between $16,900 and $17,100. The cryptocurrency still maintains profits from its previous week, but today&#8217;s trading session has leaned towards the downside.\u00a0 No Christmas Miracle For Bitcoin? In a recent market update, trading desk QCP Capital highlighted the positive performance of Bitcoin and Ethereum in December. These digital assets have been closely following the trajectory of the stock market.\u00a0\u00a0 The firm believes equities have been showing strength on the back of a potential U.S. Federal Reserve (Fed) pivot. The financial institution hinted at moderating its monetary policy and reducing its interest rate hike program.\u00a0 This potential change triggered &#8220;strong&#8221; bullish momentum for the stock market, allowing Bitcoin and Ethereum to rise 13% and 22% in the past two weeks. Despite the collapse of FTX in November and the fear of contagion, its value is almost back to October levels.\u00a0 In this context, market participants have been quick to call out the end of the bear market, but QCP Capital claims that there are reasons to maintain a bearish bias. For example, robust economic data from the U.S. might support the Fed to continue its tightening policy.\u00a0 QCP Capital stated the following regarding the current price action in the legacy financial market and its impact on the crypto market: While many are saying that BTC and ETH are lagging equities and should play catch up, rather we see it as equities having overshot fundamentals and will soon be reeled back. Thus, the possibilities of the stock market pushing down on Bitcoin and Ethereum are high. There are indications of possible downside pressure for stocks, crypto, and risk on assets.\u00a0 Analyst Caleb Franzen pointed to the VIX index; an indicator used to measure volatility in legacy financial markets. This metric has provided a solid strategy for risk asset buyers in 2022. The analyst said:\u00a0 The CBOE Market Volatility Index #VIX fell below 20 last week, but has launched higher today! As I&#8217;ve shared since August, the top strategy of 2022 has been: \u2022 Buy risk assets when $VIX &gt; 30 \u2022 Sell risk assets when $VIX &lt; 20 Related Reading: Peter Schiff And Jim Cramer Present Their Doom Scenarios For Bitcoin, Cardano, XRP, Dogecoin Regardless of the bullish expectations, the crypto market might see more selling pressure in the coming weeks. This month&#8217;s Federal Open Market Committee (FOMC) will shed more light on the direction of the macroeconomic landscape and the landscape for risk-on assets, such as Bitcoin.\u00a0<\/p>\n","protected":false},"author":535,"featured_media":510883,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-511318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Santa Came Early In Crypto? Bitcoin Rally May Have Passed<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) saw positive price action recently but failed to follow through and could remain rangebound for December.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/santa-came-early-in-crypto-bitcoin-rally-may-have-passed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Santa Came Early In Crypto? 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/wncen.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Santa Came Early In Crypto? Bitcoin Rally May Have Passed","description":"Bitcoin (BTC) saw positive price action recently but failed to follow through and could remain rangebound for December.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/santa-came-early-in-crypto-bitcoin-rally-may-have-passed\/","og_locale":"en_US","og_type":"article","og_title":"Santa Came Early In Crypto? 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Santa Came Early In Crypto? 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