Bitcoin (BTC) Price Analysis for December 8

Price Analysis
Fri, 12/08/2023 - 18:00
Cover image via www.tradingview.com
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Most of the coins keep setting new local peaks, according to CoinStats.

BTC chart by CoinStats

BTC/USD

The rate of Bitcoin (BTC) has increased by 0.63% since yesterday.

Image by TradingView

On the hourly chart, the price of BTC is looking bullish as the rate is near the local resistance level of $44,039. If the daily bar closes near it, there is a high chance to see a breakout to the $45,000 zone over the weekend.

Image by TradingView

If today's candle closes above $44,000, the rate of BTC can maintain in the $44,500-$45,000 zone soon.

Image by TradingView

On the weekly time frame, one should focus on the current bar closure. If it happens with no long wick, the energy might be enough for a continued rise to the $46,00-$48,000 zone.

Bitcoin is trading at $43,974 at press time.