Bitcoin (BTC<\/a>) staged a modest recovery on Dec. 29 as United States stock markets rebounded in step.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD recovering above $16,600 at the Wall Street open after wicking below $16,500 for a second day.<\/p>\n The pair remained unappealing to traders, many of whom feared a deeper retracement may still occur around the new year.<\/p>\n In a list of potential \u201ccapitulation targets,\u201d Crypto Tony doubled down<\/a> on a price of $10,000 and lower for Bitcoin, while also revealing expectations for Ether (ETH<\/a>) to dip as low as $300.<\/p>\n \u201cThings change quick, but if we hit these areas I begin to ladder,\u201d part of accompanying commentary read.<\/p>\n Daan Crypto Trades, meanwhile, put<\/a> the current spot price at the bottom of an area that \u201cmust hold\u201d for BTC bulls to have a shot at upside.<\/p>\n \u201cThe entire market looks bad… Thing is that some altcoins look even worse,\u201d Il Capo of Crypto continued<\/a>, predicting forthcoming altcoin losses of up to 90%.<\/p>\n The downside thesis was supported by derivatives markets on Dec. 29, with funding rates positive while price action failed to rally.<\/p>\n \u201cLayman terms, Long\/Short ratio is positive first time since May, means more Longs than Shorts now, OI and Funding is positive, means people are betting on perpetual market BTC will pump, price structure looks bad and this can be easily another local top here and dump. Be careful!\u201d popular commentator aQua summarized<\/a>.<\/p>\n A slightly more hopeful perspective came from Blockware head analyst Joe Burnett, who argued that a painful period in Bitcoin\u2019s history was slowly coming to an end.<\/p>\n \u201cEveryone is bearish, yet Bitcoin is still trading around the same price it was in June ($17.5k),\u201d he reasoned<\/a>. <\/p>\n \u201cThe mining industry has been decimated, and many of the weak hands (BTC and ASICs) have been purged. Soon we will begin another slow ascent.\u201d<\/p><\/blockquote>\n Short-term BTC price action got a boost from U.S. equities, with the S&P 500 up 1.4% and the Nasdaq Composite Index gaining 2.1% in the first hour\u2019s trading.<\/p>\n Related:\u00a0Bitcoin price would surge past $600K if \u2018hardest asset\u2019 matches gold<\/a><\/em><\/strong><\/p>\n The U.S. dollar continued a broader consolidation after two straight days of gains for the U.S. Dollar Index (DXY).<\/p>\n \u201cBitcoin swept the low \/ 16.5k, filled the FVG and put in a 3rd drive with multiple H1 bullish divergences. It is now or never for the bulls to take this back up,\u201d entrepreneur Mark Cullen commented<\/a>. <\/p>\n \u201cLose the 16.2k level and the yearly low will be in threat & lower + $DXY looks like it wants to bounce!\u201d<\/p><\/blockquote>\n With just two days until the weekly, monthly, quarterly and yearly close, BTC\/USD was down around 60% year-to-date, 3% for December and 14.2% in Q4, data from Coinglass confirmed<\/a>.<\/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\/b406a448-744e-4f2f-bdbd-0a22408f3417.png\")
$10,000 BTC price targets stick<\/h2>\n
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U.S. dollar strength \u201cwants to bounce\u201d<\/h2>\n
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