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Bitcoin (BTC) Price Analysis for December 2

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Fri, 2/12/2022 - 21:00
Bitcoin (BTC) Price Analysis for December 2
Cover image via www.tradingview.com

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Most of the coins could not come back to the bullish trend, according to the CoinMarketCap ranking.

Top 10 coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has dropped by 0.69% over the past 24 hours.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has come back to the local support level of $16,866. If buyers cannot hold it, the fall may lead to the test of the $16,600-$16,700 zone tomorrow.

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In addition, the selling volume is high, which means that bears are controlling the situation.

BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) is not as bullish as before as buyers lost the vital $17,000 level. If sellers' pressure continues, the decline may continue to the $16,500 area within the next few days.

BTC/USD chart by TradingView

From the midterm point of view, Bitcoin (BTC) is about to close the candle above the previous one, which offers hope for a slight rise. At the moment, traders should pay attention to the $17,000 mark, the breakout of which can be a prerequisite for growth to $18,000.

Bitcoin is trading at $16,883 at press time.

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