Bitcoin Price Prediction: BTC/USD Retreats After Moving Close to $60,000
Bitcoin Price Prediction – December 1
The Bitcoin price prediction increases in the early hours of today but despite the rejection, the market is still ranging.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $64,000, $66,000, $68,000
Support Levels: $52,000, $50,000, $48,000
BTC/USD may begin to follow the bearish movement as the bears are seen forcing the king coin to bow down to fresh losses. The first digital asset is moving sideways around 9-day MA. At the time of writing, BTC/USD is changing hands at $57,168 after adjusting from the resistance level of $59,118 which is an intraday high. Moreover, the Bitcoin price may be vulnerable to losses if the price crosses below the 9-day moving average.
Bitcoin Price Prediction: Bitcoin (BTC) Bears May Resurface
Looking at the Bitcoin price from a technical angle, one can say that the market price may likely follow the downtrend or continue to move sideways because the bullish movement is not visible now unless the 9-day MA crosses above the 21-day MA. However, the technical indicator Relative Strength Index (14) may confirm the bearish movement if the signal line drops below 45-level.
Moreover, bulls are currently banking on the 9-day moving average to ensure that in spite of a reversal, the Bitcoin price stays above this barrier. Any bearish movement below this could push the coin below the lower boundary of the channel and may cause the coin to reach the critical supports at $52,000, $50,000, and $48,000. Following the upward movement, if the coin crosses above the moving averages, it may hit the nearest resistance levels at $64,000, $66,000, and $68,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
As the 4-hour chart reveals, the Bitcoin price is seen crossing below the 9-day and 21-day moving averages, the bears are likely to be in control while the bulls are trying to defend the $57,000 support. If not, the $55,000, $53,000, and $51,000 support levels may come into play if the coin focuses on the downward movement.
Moreover, buyers may need to regroup and hold the support of $57,000, once this is done, traders may expect a cross above the upper boundary of the channel, and breaking this barrier may further push the king coin to the resistance levels of $59,000, $61,000, and $63,000. Meanwhile, the technical indicator Relative Strength Index (14) is seen dropping slightly below 50-level, suggesting a continuous bearish movement.
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