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Bitcoin (BTC) Price Analysis for December 9

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Sat, 9/12/2023 - 16:38
Bitcoin (BTC) Price Analysis for December 9
Cover image via www.tradingview.com

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The start of the weekend has turned out to be bullish for the cryptocurrency market.

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BTC/USD

The rate of Bitcoin (BTC) has increased by 0.63% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of BTC is in the middle of the local channel between the support at $43,749 and the resistance at $44,389.

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DOGE Price Analysis for December 8

As most of the daily ATR has been passed, ongoing sideways trading in the area around $44,000 is the more likely scenario until the end of the day.

Image by TradingView

On the bigger time frame, the rate has made a false breakout of the resistance at $44,528. If the bar closes far from this mark, there is a chance to see a further drop to the $42,500-$43,000 zone soon.

Image by TradingView

On the weekly chart, the price of BTC keeps setting new local peaks. At the moment, one should focus on the nearest vital zone of $45,000. If the bar closes above it with no long wicks, the upward move may continue to $48,200.

Bitcoin is trading at $43,867 at press time.

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