Bitcoin Price Prediction, BTC Market Moods
- In 2023, the Crypto industry, including Bitcoin, remains unpredictable amid challenges spanning the last 20 months.
- After a five-day winning streak, Bitcoin pauses, having surged approximately 16%, narrowly missing the $45k threshold.
- Investors keenly anticipate Thursday's US weekly Jobless Claims, with the RBI rate decision and US Nonfarm Payrolls also in focus.
Bitcoin attempted to surpass $45,000 but retraced, falling once more.
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According to Coingabbar Technical Analysis, BTC's breakout from a 5-week chart pattern suggests further growth potential.
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BTC is on the verge of creating a Golden Cross on its weekly chart, signaling a possible uptrend.
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The expanding channel pattern's rising trendlines have tracked Bitcoin's recovery over the last five weeks.
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A decisive breakthrough on December 5th signals buyers' readiness for a robust recovery.
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Despite a bearish breach of the Bullish Flag on the hourly chart, BTC gained momentum in early December.
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Sustaining the current level could lead to a recovery, targeting the next major resistance at $48,000.
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However, a failure to clear $45,000 may prompt a retracement towards $40,000.
KEY LEVELS :
RESISTANCE LEVEL : $43,600-$44,100
SUPPORT LEVEL : $42,850-$42,200
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
