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Bitcoin's next bullish advance requires breaking over this crucial barrier


finbold.com 02 December 2022 12:48, UTC
Reading time: ~2 m

As the cryptocurrency market continues to switch between the red and green waves in an effort to overcome the consequences of the FTX-induced collapse that has wreaked havoc across the landscape, analysts are trying to predict the future of Bitcoin (BTC).

At the moment, Bitcoin is facing resistance at $17,600, which is the “wick low from June” 2022, as crypto trading expert Matthew Hyland explained using a chart pattern analysis in a tweet published on December 2.

Should Bitcoin overcome this resistance, it could potentially continue its move upward, which was recently cut short after the flagship decentralized finance (DeFi) asset dropped below the $17,000 level. According to crypto analyst Moustache, the “final decision [will be] at $18.500-$18.700,” taking into account the Wyckoff Method analysis.

Bitcoin price analysis

At press time, Bitcoin is trading at $16,971, which represents a decline of 0.75% on the day but still an increase of 3% across the previous seven days as it tries to recover from the loss of 16.86% on its monthly chart, as per data retrieved by Finbold on December 2.

In the view of crypto analyst Kaleo, the largest crypto by market capitalization ($326.22 billion), changing hands at the current level is the perfect opportunity for investors to buy it, as he stressed that “Bitcoin under $20K is a gift. Stack it while you can.”

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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