On Saturday, bitcoin (BTC) was up 0.91%. Partially reversing the 4.21% decline from Friday, Bitcoin ended the day at $16,793. It is worth noting that Bitcoin fell below $17,000 for the first time since November 29.
A mixed start to the day saw BTC drop to an early low of $16,609. Avoiding the first major support level (S1) at $16,280, BTC rose to an hourly high of $16,811. However, when BTC failed to reach the first major resistance level (R1) at $17,274, BTC pulled back again to end the day at $16,793.
Binance liquidity crunch concerns ease while recession fears remain
BTC and ETH joined the broader crypto market in positive territory on Saturday. The easing of fears of a liquidity crunch on Binance provided much-needed support. Cryptocurrency market participants have chosen areas for the ongoing FUD campaign against Binance.
Binance CEO CZ shared tweets addressing investor concerns, backing a BNB hack session that likely eased investor jitters. However, the cryptocurrency bulls failed to reverse their losses from Thursday and Friday, and digital currency headwinds are likely to continue testing buyer appetite.
Today, we expect cryptocurrency news to continue to provide guidance. US lawmakers, regulatory talks and updates on cryptocurrency exchange liquidity are likely to be focal points. Late in the day, the NASDAQ mini index will also have an impact.
With worsening Fed and recession fears adding to bearish sentiment, a bullish Nasdaq mini index should provide hope for a holiday rally.