Bitcoin sees worst monthly close in 2 years as traders watch $16.7K

bitcoin (BTC) attempted to shift $17,000 to support on December 1 after closing its lowest monthly close in two years.

Bitcoin gains a bit until the end of November

Data of Cointelegraph Pro Markets Y TradingView showed BTC/USD circulating $17,100 in a second intraday charge at higher levels.

The pair managed to avoid losses when the monthly candle closed and instead saw solid daily gains of around 4.5% for November 30.

Nonetheless, Bitcoin lost 16.2% over the month, making November 2022 the worst since 2019.

The more upbeat mood coincided with comments from the US Federal Reserve. in a speech On inflation and the labor market, Chairman Jerome Powell openly stated that smaller interest rate hikes could begin in December.

“Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt,” he said.

“Therefore, it makes sense to ease the pace of our rate increases as we get closer to the level of easing that will be enough to bring down inflation. The time to moderate the pace of rate increases may come as soon as the December meeting.”

Powell characteristically warned of the announcement of a full policy turning point, something markets had been eagerly awaiting all year.

“Given our progress in tightening policy, the timing of that easing is far less meaningful than the questions of how much more we will need to raise rates to control inflation and how long we will need to keep policy tight. ”, she added.

Stocks reacted positively though, with the S&P 500 and Nasdaq Composite Index ending the day up 3.1% and 4.4% respectively, in line with Bitcoin.

No euphoria among traders

Meanwhile, in their own responses, crypto market commentators were equally cool about the immediate outlook despite modest month-end gains.

Related: Bitcoin Capitulation Is 4th Worst Ever As BTC Hodlers Lose $10 Billion In One Week

Crypto Tony warned that the bulls were “getting arrogant” in December, and now was not a proper blind entry point.

“Now is not the time to go all-in, thinking this is the bottom of Crypto,” he said. saying Twitter followers.

"We have yet to see: - Higher macro high and higher low (market structure trend reversal) - Bullish volume incoming - Spot buying on the rise - Corrective structure completed."

A key level to maintain the continuation of the "bull market structure", he additionalit was $16,700.

Michaël van de Poppe, founder and CEO of the trading company Eight, agreed about the importance of a $16,700 focused area to your own strategy.

The views, thoughts and opinions expressed here are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.