Thursday saw the market boost from Wednesday’s Fed Chair speech fading as market players realized that though the interest rate hike pace may reduce, the truth remains that the rates remained elevated.
And there is a massive chance that the economy could be awaiting a recession. Such realizations welcomed a mixed day within the traditional markets, with stocks plunging amid Thursday morning pressure, spending the remaining hours of the day attempting to recover to their highs.
Meanwhile, Dow and S&P closed the trading day in the red, dropping 0.56% and 0.09%, respectively. However, Nasdaq gained 0.13%. TradingView data shows Bitcoin hovered lower during the trading day, witnessing slight whipsaws near midday before spiking to $17,306 before an eventual dip beneath the $17,000 support.
While writing this content, bears attempted to drag prices lower, whereas bills battled to retain the foothold at $16,900. The leading cryptocurrency traded at $16,994.42 during this publication.
The 1hr and 24hr charts show an increase of 0.10% and a 0.79% decline, respectively. Meanwhile, Thursday’s market outlook largely matched Jim Wyckoff’s technical analysis in his morning BTC update.
The Kitco senior analyst stated that the BTC-USD dollar price neared steadiness on a predictable pause following solid upsides and touching 3-week highs on Wednesday. Wyckoff added that this week witnessed a bullish breakout on daily charts, suggesting a market bottom and prices might climb high in the short term.
He trusted that crypto bulls regained the short-term technical edge. Michael Poppe, an independent analyst, confirmed this outlook. He tweeted about Bitcoin’s possibility of an uptick toward the $18.1K vicinity.
A pseudonymous cryptocurrency trader, AngeloDOGE, summed up renowned cryptocurrency investor sentiment after the November events. He stated that Bitcoin wavers at $16,000 because of a global debacle by the 2nd-largest exchange after some Bahamas kids fu***d around & found out.
Alts in Consolidation
The broader altcoin space also dipped into a consolidation phase on Thursday after Wednesday’s upsides, with most top 200 assets printing red daily charts. Notable exceptions to this slump include Band Protocol (+22.12%), EthereumPow (+22.09%), and TrustWallet Token (+10.18%).
While writing these lines, the crypto market capitalization hovered at $853 billion, whereas BTC’s dominance rate stands at 38.2%.