Bitcoin Price Prediction, Bulls struggle to surge
- BTC/USD moved on hawkish Fed's Waller. His optimistic statement indicated success in engineering a soft landing.
- Bitcoin rebounds above $38,000, defying challenges: no approved BTC ETF, regulatory scrutiny on exchanges like Binance and Kraken.
- Bitcoin's value recovered, surpassing $37,750, yet faces challenges breaching the $38,500 resistance zone.
Bitcoin rebounds above $37,750 but faces resistance at $38,500.
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According to Coingabbar Technical Analysis, Bitcoin encountered resistance at $38,500, causing sideways movement in late November.
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Unsuccessful attempts to breach $38,500 signal weakening bullish momentum.
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Bulls may return with an expanding channel pattern, offering dynamic support on the BTC daily chart.
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A breakthrough of the $38,500 resistance could propel the price to $40,000-$42,000.
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Failing to surpass $38,500 may prompt a retest of $37,500-$36,800 near channel support.
KEY LEVELS :
RESISTANCE LEVEL : $38,450-$38,900
SUPPORT LEVEL : $37,700-$37,300
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.
