BTC price hits new December low as Bitcoin dips 2% with Asia stocks

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It’s looking like a red Christmas. Bitcoin hit new month-to-date lows on Dec. 7 as Asian markets fell during trading. (Reporting via WilliamSuberg)

With Bitcoin markets still calm compared to November's intense volatility, analysts continued to look for upcoming macro cues.These were firmly in the form of next week's United States Consumer Price Index print, due Dec. 13.

For trading firm QCP Capital, there was reason to believe that the numbers might favor risk assets when it comes to declining inflation. "With retailers struggling with inventory all year due to the consumer slowdown, it is likely they have used Black Friday/Cyber Monday to offer eye-popping discounts in order to clear stock, which would factor into the November CPI print released next week," it postulated in its latestQCP remained wary on stocks' potential to put in a sustained rally, however, with a breakdown causing further pain for correlated cryptoassets.

"While many are saying that BTC and ETH are lagging equities and should play catch up, rather we see it as equities having overshot fundamentals and will soon be reeled back," it wrote. The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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BTC price levels to watch as Bitcoin holds $17K into the market openBTC price has the potential to head higher still after three-week highs, Bitcoin traders hope. Hopefully, the green candle, which represents hope from the lower rate coming, lit up. Christmas is coming and you can choose anything to win as a gift! What would you choose?👇
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