$16K retest the most likely path for Bitcoin, according to 2 derivative metrics
Top traders' long-to-short ratio and stronger demand for stablecoins in Asia indicate higher odds of further price correction. Bitcoin (BTC) broke below $16,800 on Dec. 16, reaching its lowest level in more than two weeks. More importantly, the movement was a complete turnaround from the momentary excitement that had led to the $18,370 peak on Dec. 14. Curiously, Bitcoin dropped 3.8% in seven days, compared to the S&P 500 Index's 3.5% decline in the same period. So from one side, Bitcoin bulls have some comfort in knowing that correlation played a key role; at the same time, however, it got $206 million of BTC futures contracts liquidated on Dec. 15. Some troublesome economic data from the auto loan industry has made investors uncomfortable as the rate of defaults from the lowest-income consumers now exceeds 2019 levels. Concerns emerged after the average monthly payment for a new car reached $718, a 26% increase in three years. Furthermore, alongside the Bank of England, ...