Bitcoin Price Analysis & Prediction (Dec 5th) – BTC Continues to Trade in a Tight Range as It Waits for a Break

2022-12-7 06:35

Starting this month on a bullish note, Bitcoin’s price will likely climb back to $20k in the coming weeks. The price touched $17320 yesterday, dropped briefly, and charged back – a potential recovery lies ahead.

The aftermath of the FTX saga caused a lot of FUD in the crypto market, as Bitcoin dramatically crashed to $15476 on Binance, losing almost 30% of its value in a week. 

Following the latest sentiment, which seemed to have brought back a nice recovery in the market, Bitcoin may correct back to last month’s drop level of $20,000 before it starts to drop again – that is, if it fails to climb higher. 

After the price recovered from the crash level in mid-November, Bitcoin traded sideways as the price steadily recovered. The $17200 resistance level, which held strong for days, appeared to have posed threats to the bulls again. 

Yesterday, Bitcoin attempted to break this resistance but failed due to rejection. The bulls are charging at this resistance at the moment. It could break this time if they show strong commitment. 

However, if the price falls back to the crash level, Bitcoin may find it difficult to bounce back as the bear may take advantage of it. 

It now held the $15500 and $17200 levels as support and resistance. If BTC eventually breaks, a huge price movement is likely to occur.

Bitcoin Price Analysis (BTCUSDT): 4-Hour Chart Source: Tradingview

Before Bitcoin can recover to $20k, it would need to overcome many resistance levels. Let’s consider some levels for Bitcoin if it breaks from this tight range.

Surging above the $17200 level, which is quite important for now, should trigger buying towards the $17632 and $18186 levels. Once it flips these mentioned levels, the next target would be $18750.

While the price is still trading inside the range, the closest support for Bitcoin is $16600 in case of a drop. There’s also support at the $16000 level. The last support lies at $15500. A break below this range could dip the price to $14k in a blink.

Key Resistance Levels: $17,200, $17,632, $18,186

Key Support Levels: $16,600, $16,000, $15500

Spot Price: $17000 Trend: Neutral – Bearish Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: fisher4/123RF // Image Effects by Colorcinch

The post Bitcoin Price Analysis & Prediction (Dec 5th) – BTC Continues to Trade in a Tight Range as It Waits for a Break appeared first on NullTX.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price back bitcoin touched weeks coming 20k

price back → Результатов: 126


As the Crypto Markets Enter a Slumber, Bitcoin May be Gearing up For a Surge Back To 5,400

Despite witnessing some exciting price action over the past several weeks, the crypto markets are currently taking a slight breather as Bitcoin tepidly advances into the $5,200 region. Although the recent upwards momentum appears to have fizzled out, analysts are now expecting Bitcoin to make another upwards push back up towards its strong resistance level.

2019-4-18 03:00


Price Analysis – Why Litecoin Can Climb Higher!

Litecoin has been on a steady climb in the last few months signaling as one of the first movers during the recent alt-coin rally. A crypto many had almost forgotten about. It was back in February where Litecoin was showing strong growth with a 65% gain in price proving enough to push and maintain above […] The post Price Analysis – Why Litecoin Can Climb Higher! appeared first on ZyCrypto.

2019-4-12 13:02