• Bitcoin price has fallen beneath the $17,000 barrier as the bears have induced a 10% downswing.
• BTC may have close to an 80% chance of closing the month of December with positive returns.
• A breach above $17,145 is needed to aim for higher bullish targets. 

Bitcoin price shows bearish technicals, but optimism for the end of the year Santa-rally persists. Nearly 100 years of stock market data suggest risk assets have a high chance of performing well. 

Bitcoin price nears Christmas

Bitcoin price is putting up a fight after experiencing a 10% selloff last week. On December 14, the peer-to-peer digital currency displayed optimistic signals. The bulls had climbed back to the $18,000 level, and moving averages provided cushion during turbulent times in the market. 

Within 24 hours, what had first appeared to be just another profit-taking consolidation, quickly morphed into a seller’s frenzy. Bitcoin pierced through the 8-day exponential and 21-day simple moving averages and continued treading south into the mid-$16,000 zone.

Bitcoin price currently auctions at $16,933, a 4% rise from the Monday morning low at $16,256. Although the countertrend spike is a positive gesture, in the grand scheme of things, the BTC could be setting up for additional selloffs in the days to come. The recently breached moving averages confirm this bias as they are set to collide while the BTC price auctions below. 

A classical crossing of moving averages will…