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Bitcoin (BTC) stayed steady near $17,000 at the Dec. 12 Wall Street open as news involving Binance failed to spark BTC price downside.

Factors line up to "scare" Bitcoin trade

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD avoiding fresh volatility as United States markets opened.

Having traded sideways throughout the weekend, the pair offered few cues to analysts, who were waiting for U.S. macroeconomic data to shake up the status quo.

This, in the form of the November Consumer Price Index (CPI) print, would nonetheless be a pivotal moment for crypto assets, they agreed, with the potential for significant upside and downside hinging on the numbers, due Dec. 13.

Subsequent events involving the Federal Reserve would equally shape price performance, they said.

The Doji candlestick, also called a Doji star, shows indecision between buyers and sellers in the crypto market. This type of candlestick is confirmed on a technical analysis chart when the opening and closing prices are almost identical.

What is a Doji pattern on the candlestick chart?

In simple terms, a Doji shows that an asset's buyers and sellers offset each other. In doing so, any attempts to push up the price by the buyers get thwarted by the sellers. Similarly, efforts to crash the prices from the sellers' end get foiled by the buyers.

Ultimately, both parties bring the price to a pivot level. So, for example, when Bitcoin (BTC) opens and closes at $20,000 on a particular day even if its price seesawed between $25,000 and $15,000 throughout the given24-hour period.

So the $25,000 price level — or the intraday high — represents the Doji's upper wick, and the $15,000 price level — the intraday low — represents the candlestick's lower wick.

How does a Doji candle work?

Doji candlesticks have historically helped traders predict market bottoms and tops as a calm before the storm of sorts.

Bitcoin (BTC) starts one of the most important macro weeks of the year in a precarious position below $17,000.

After its latest weekly close, BTC/USD showed little upward momentum prior to the Dec. 12 Wall Street open.

With volatility yet to appear, the largest cryptocurrency continues to trade in a narrow range, and analysts are increasingly impatient for new catalysts.

These, they agree, should come in the next few days — United States economic data is due, and its content and impact on economic policy will likely have a significant impact on crypto markets.

Elsewhere, the uneasy status quo continues — Bitcoin miners are struggling, sentiment lacks inspiration and traders are increasingly drawing comparisons to the pits of previous bear markets.

Minnesota Senator Tom Emmer has slammed United States Securities Exchange Commission (SEC) Chairman Gary Gensler for his flawed “crypto information-gathering efforts” and insisted Gensler should appear before Congress to explain the cost of his “regulatory failures.”

Emmer’s comments came from a Dec. 10 tweet to his 67,500 Twitter followers, where he made reference to a bipartisan Blockchain Caucus letter he co-authored to the SEC Chairman on Mar. 16.

Emmer said, “we now know Gensler's crypto information-gathering efforts were ineffective” citing the collapses of the Terra ecosystem and bankrupt crypto platforms Celsius, Voyager and FTX.

“[Gensler] must testify before Congress and answer questions about the cost of his regulatory failures,” the Senator added.

He pointed out Gensler hasn’t made an appearance before the House Committee on Financial Services since Oct. 5. 2021 which left crypto media to fill the void for the SEC’s investigative failures according to Emmer.