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Bitcoin (BTC) Price Analysis for December 2

Fri, 12/02/2022 - 21:00
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Denys Serhiichuk
Does Bitcoin (BTC) have chances for upward move by end of week?
Bitcoin (BTC) Price Analysis for December 2
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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


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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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at