Bulls firmly in control – is this the beginning of a rebound?

Bulls firmly in control – is this the beginning of a rebound?
Crypto
Ara Zohrabyan
Author:
Ara Zohrabyan
Published on: 09.01.2023 18:08 (UTC)
Post reading time: 1.47 min
342

Bitcoin price bearish momentum seems to have been reversed by bulls. The price has retraced up above $17,200 after third test of Fibonacci 23.6 resistance. Looks like bulls are holding on their own after bears lost control as price started rebounding following the dip after the second unsuccessful test of Fibonacci 23.6.  It remains to be seen if bulls will hold control as price approaches the Fibonacci 38.2 resistance



Investors are trying to gauge the likely impact of recent mixed US data on Fed policy makers as first contraction in US services sector since 2020 ignited hopes of moderation in interest rate hikes the Federal Reserve has indicated will continue in 2023. The US stock market rallied after mixed nonfarm payrolls report last Friday while CME data showed crypto trading volume slumped to two-year low and tokens outflow from crypto exchange Huobi accelerated, and US Department of Justice seized assets linked to FTX.

 

Total crypto derivatives trading volume plunged 49.2% to $14.2 billion in December, reported Chicago Mercantile Exchange’s (CME). It is the weakest result since October 2020.  according to CryptoCompare. At the same time spot trading volume fell 48.4% to $544 billion. That amounts to the lowest figure since December 2019.

 

More than $100 million in tokens left the crypto exchange Huobi last week. Most of the outflow was recorded on Thursday while stablecoin reserves dropped 9.5% in a week, according to on-chain data.

 

US government has seized or is in the process of seizing assets potentially linked to bankrupt crypto company FTX, according to virtual court hearing in Delaware. Among the assets seized bu US Department of Justice are $450 million worth of  shares in trading app Robinhood the ownership of which is disputed between bankrupt crypto lender BlockFi,  FTX’s former chief Bankman-Fried, and an FTX creditor.

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