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Bitcoin (BTC) Price Analysis for December 1

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Fri, 1/12/2023 - 16:00
Bitcoin (BTC) Price Analysis for December 1
Cover image via www.tradingview.com

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The market keeps rising; however, the growth is not as sharp as before.

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BTC/USD

The price of Bitcoin (BTC) has increased by 1.58% over the last day.

Image by TradingView

On the hourly chart, the rate of BTC might have set a local resistance level of $38,839. 

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If the daily bar closes far from it, bears may seize the initiative that can lead to a correction to the support of $37,647 soon.

Image by TradingView

On the bigger time frame, one should focus on the level of $38,437. If its false breakout happens, there is a possibility to see a drop to the $38,000 zone by the end of the week.

Image by TradingView

From the midterm point of view, it is too early to make any distant price predictions as few days remain until the candle closes. However, if it goes above $38,500, the accumulated energy might be enough for a further rise to $40,000.

Bitcoin is trading at $38,380 at press time.

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