Bitcoin Price Prediction: BTC/USD Struggles to Break $58,000 Level
Bitcoin Price Prediction – December 1
The Bitcoin price rebounds from the daily low of $56,700 as the buying interest may increase the bullish movement towards $60,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $64,000, $66,000, $68,000
Support Levels: $53,000, $51,000, $49,000
BTC/USD may continue to range-bound if the market price stays within the 9-day and 21-day moving averages. However, as the market establishes a cross above $58,000 resistance levels, the buyers may continue to look for additional resistance levels above the 21-day moving average on its way to the upper boundary of the channel.
Bitcoin Price Prediction: BTC Price May Reclaim $62,000 Resistance
According to the daily chart, after the Bitcoin price begins the daily trade at $56,998, the king coin is now facing the resistance level of $60,000 and looking forward to reclaiming the resistance level of $62,000. However, the daily chart reveals that if the 9-day moving average crosses above the 21-day moving average, it may confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the price breaks below the 9-day moving average but it could rise if the $62,000 resistance is reached.
At the time of writing, the technical indicator Relative Strength Index (14) may likely cross above 50-level to indicate a bullish movement. Meanwhile, if the king coin stays above the 9 moving averages, it could reach the resistance levels of $64,000, $66,000, and $68,000 but any movement below the lower boundary of the channel could hit the supports at $53,000, $51,000, and $49,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen rising above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index moves to cross above 60-level. However, if the Bitcoin price crosses above the upper boundary of the channel, the bullish influence could spike and the acquired more gains.
However, should in case the current candle failed to cross above the upper boundary of the channel, the Bitcoin price may slide towards the support level of $56,000 and below. Furthermore, the bulls may need to keep the coin above the resistance level of $58,000 in other to break the potential resistance at $60,000 and above.
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