Learn about digital currency prices during today’s trading, Thursday, December 8, 2022

Cryptocurrency prices fell during today’s trading, Thursday, December 8, 2022, led by Ethereum and Bitcoin, with conflicting investor trends. One billion dollars, with transactions during the last 24 hours amounting to 37.14 billion dollars.

Bitcoin price today

The price of the encrypted digital currency (Bitcoin BTC) decreased on Thursday, December 8, 2022, by 1.31%, to reach $ 16,815.4.

The market value of Bitcoin also declined, reaching $323.5 billion, compared to $326.77 billion during the previous day’s trading.

Cryptocurrency rates today

  • The price of Ethereum ETH dropped by 2.78% from its value to $1,227.95.
  • The price of Binance coin BNB decreased by 1.74%, to record $283.3.
  • And the price of the Ripple XRP currency increased by 0.02%, to reach $ 0.3871.
  • Cardano fell by 2.76%, to $0.3082.
  • The price of Dogecoin fell by 5% to $0.09553.
  • Polkadot fell by 3.65% to $5.28.

Cryptocurrencies continue their losses in 2023

Standard Chartered Bank predicted that cryptocurrencies will continue their losses during 2023, and that Bitcoin will be among the biggest losers, reaching the $5,000 level, a 92% decrease from its highest level in November of last year.

On the other hand, Goldman Sachs plans to spend tens of millions of dollars to buy crypto or investment companies at a time when the market is still suffering from the effects of the collapse of the FTX cryptocurrency trading platform, which affected valuations and investor interest in cryptocurrencies.

On the negative side of the news, ByBit Crypto Exchange decided to lay off about 30% of its workforce, and the company, which was founded in 2018, joined the list of many other crypto players who resorted to the same measure in order to make their operations more cost-effective.

A clear start for the bitcoin price

Bitcoin price shows a clear beginning of a corrective wave in its journey to retest a critical hurdle, and this pullback is necessary because it allows buyers to recover and start a new phase, and the price of Bitcoin retreated to $17,130 after a decline of 3.3%, and the downside trend is likely to continue, until BTC reaches $16,500 and it will happen Invalidating the bullish thesis on the breakdown of the $15,984 support.

Bitcoin price rose by 9% in the past six days and set a local high of $17,430. As a result, BTC is undergoing a correction that appears to have paused around $16,881 and investors should expect this downtrend to continue, sending the large cryptocurrency to subsequent support levels at $16,709 and $16,545.

A bounce of $16,545 is likely as bitcoin price will form a third higher low. The resulting upside will take BTC to its first major hurdle at $17,593, where the large cryptocurrency formed a bottom after crashing in June.

Investors and Bitcoin trading volume during 2022

A flip of this hurdle to a support floor would open the way for bitcoin price to reach the next important resistance level at $19,235, which saw the highest volume in 2022, also known as Point of Control (POC) though unlikely, in Some cases, bitcoin price might retest the psychological $20,000 level with the help of the remaining bullish momentum.

Regardless of the bullish outlook, if Bitcoin price fails to stay above $16,545, it will be the first sign of weakness among buyers and the lack of a consolidating bullish momentum could lead BTC to the subsequent support level at $15,984 and a four-hour candle close. Hours below this level invalidated the bullish theory of bitcoin price by producing a lower low. Such a development could see the cryptocurrency crash to $15,443.

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