Technical Analysis

BTC/USD Analysis – December 30, 2021

By LonghornFX Technical Analysis
Dec 30, 20213 min

Bitcoin Price Prediction


The BTC/USD ended the day at $46,465.0, having reached a high of $48,166.0 and a low of $46,129.0. The BTC/USD fell for the third session in a row, reaching its lowest level since December 20th, 2016. There was no single catalyst for the decline in cryptocurrencies; however, the focus remained on the impending removal of central bank stimulus that has helped push cryptocurrencies higher over the last 12 months.

As a result, the US Federal Reserve has increased the pace of its tapering of asset purchases, and the European Central Bank has announced that its pandemic emergency purchase program will end next year. Meanwhile, the Bank of England somewhat surprised markets earlier this month by voting in favor of increasing interest rates for the first time since August 2018. The highly speculative cryptocurrencies have come under pressure as investors now have much more stable and secure assets.

Furthermore, the Bitcoin mining firm Marathon Digital Holdings has revealed the final amount of $879 million that will be paid for new Bitmain bitcoin mining machines. The company has said that it will buy 78,000 units of BTC mining hardware from China-based Bitmain Technologies Ltd. The delivery from Bitmain will start in June 2022. The size of the order and the amount Marathon Holding will pay are among the biggest in the history of cryptocurrency mining.

The CEO of Marathon Holding, Fred Thiel, has said that this deal will help the company become one of the biggest BTC mining companies globally. This news should have brought back the bullish sentiment surrounding the Bitcoin ecosystem, but BTC continued declining on Wednesday despite this favorable news fragment.

Additionally, a Bitcoin influencer and podcaster, Anthony Pompliano, has said that there was no need to apologize for Bitcoin’s energy use because crucial things in the world use energy. These comments also failed to trigger positive momentum in BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

45674.0 47711.0

44883.0 48957.0

43637.0 49748.0

Pivot Point: 46920.0

BTC/USD - Technical Outlook 

On Thursday, the BTC/USD continues to decline, having dropped from 47,800 level to 46,350 level. Bitcoin's price has failed to recover from over $48,800 and has begun a new drop. BTC dropped below the $48,500 and $47,500 support levels, moving into a bearish zone. A decisive break above the $47,500 resistance level might kick-start a new uptrend. The next significant resistance level is near $48,500, where the bears may appear. Any further gains might push the price up to $50,000.

If bitcoin does not return more than $47,200, it may fall further. There is immediate support atthe $46,200 level. The initial major contribution is close to $46,000. If the price falls below $46,000, it may move towards the $45,000500 support. Any further losses might push the price down to the $45,000 support level, below which there is a chance of a greater drop in the following sessions. All the best!


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