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Bitcoin (BTC) Price Analysis for December 6

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Tue, 6/12/2022 - 15:55
Bitcoin (BTC) Price Analysis for December 6
Cover image via www.tradingview.com

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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.

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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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