Bitcoin (BTC<\/a>) fell at the Dec. 22 Wall Street open as United States equities reversed previous gains.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD dipping to intraday lows of $16,650 on Bitstamp. <\/p>\n The pair remained a conspicuous stocks copycat as the S&P 500 opened down 1.6% and the Nasdaq Composite Index traded down 1.8% at the time of writing.<\/p>\n The weakness appeared to be a reaction to stronger-than-expected U.S. gross domestic product (GDP) growth in Q3, data for which was released prior to the open. <\/p>\n Despite notionally a sign of recovery, concerns focused on the Federal Reserve continuing its restrictive economic policy on the assumption that the economy would be able to withstand the measures.<\/p>\n This would notionally come in the form of longer-lasting interest rate hikes, with analysis already arguing<\/a> that a \u201cpivot\u201d in policy was unlikely until 2024 at the earliest.<\/p>\n As such, risk assets saw no relief from the GDP print, further disappointing traders hoping for a Santa rally.<\/p>\n \u201cClear bearish retest. Downtrend intact,\u201d trader and analyst Il Capo of Crypto commented<\/a> on the daily S&P 500 chart.<\/p>\n Il Capo of Crypto warned<\/a> earlier this week that markets as a whole were \u201cnot prepared\u201d for what would be fresh upcoming losses.<\/p>\n On Bitcoin, the mood among some pundits was likewise firmly bearish.<\/p>\n Bleeding Crypto highlighted<\/a> a never-before-seen \u201cdeath cross\u201d involving the 50-day and 200-day exponential moving averages (EMA) now due.<\/p>\n Daan Crypto Trades meanwhile drew attention to the yearly close, this likely to become Bitcoin\u2019s third negative year ever.<\/p>\n \u201cThe percentage loss this year is sitting right in between the other two negative years, being 2014 and 2018,\u201d he noted<\/a>.<\/p>\n Elsewhere, analyst Toni Ghinea had little optimism in store for Bitcoin bulls, arguing that the macro bottom would not appear until Q1 2023.<\/p>\n \u201cCapitulation to 11-14k. Bottom in Q1 2023. Expecting the final move down soon,\u201d a tweet read<\/a> on the day.<\/p>\n The main beneficiary of the GDP print, meanwhile, was the U.S. dollar, which on the day saw confident rebound in strength.<\/p>\n Related:\u00a0Bitcoin low volume sparks BTC price warning as metric hits \u2018value zone\u2019<\/a><\/em><\/strong><\/p>\n The U.S. dollar index (DXY) circled 104.5 at the time of writing, up from lows of 103.75 from before the open.<\/p>\n The greenback thus went some way to recovering losses engendered by a surprise intervention<\/a> by the Bank of Japan earlier in the week. <\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/6a367f1a-0b0f-4384-acf0-b52b4c2b85a1.png\")
Bitcoin risks new and unseen “death cross<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/387a3594-2eff-4b36-88e2-db522d17c1b5.png\")
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/ba3c4d5d-326b-427c-9dc7-2259fe92fbd5.png\")
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/4950deee-a2f0-4174-9195-891ed7b92b4e.png\")
Dollar seeks comeback after GDP print<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/fb3a2958-d4bc-47d8-b9f6-b33f62045268.png\")