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Bitcoin (BTC) Price Analysis for December 6

Tue, 12/06/2022 - 15:55
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Denys Serhiichuk
Is Bitcoin (BTC) ready for local growth yet?
Bitcoin (BTC) Price Analysis for December 6
Cover image via www.tradingview.com

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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Bulls could not hold the initiative for long as all of the coins from the top 10 list are back in the red zone.

Top 10 coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has dropped by 1.35% over the last 24 hours.

Top 10 coins by CoinMarketCap

Bitcoin (BTC) is feeling bearish on the hourly chart as buyers are not able to fix above the $17,000 mark. If they cannot seize the initiative until the end of the day, there are chances to see the breakout of the support level at $16,924.

BTC/USD chart by TradingView

The situation remains uncertain on the daily chart, as the volatility has reduced as none of the sides has enough energy for a further move.

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If bears keep their pressure on the support at $16,800, traders can expect to see BTC around $16,400-$16,600 until the end of the month.

BTC/USD chart by TradingView

From the midterm point of view, it is too early to make any predictions as the main crypto still has a lot of time until the end of the week. Currently, one should pay close attention to the nearest level at $17,240. If the candle fixes above it, there is a possibility to see $18,000.

Bitcoin is trading at $17,009 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 denys.serhiichuk@u.today.