Bitcoin Price Prediction, Which Will BITCOIN turn its rally

Key Takeaways
  • Crypto market remains steady on Friday, with traders anticipating a crucial US jobs report for insights into the pace of labor market cooling and potential Federal Reserve interest rate cuts.
  • Fidelity's Spot Bitcoin ETF addition to the active ETF and pre-launch list contributes to the rise in BTC.
  • After two days of pressure, BTC is poised for a resurgence.
08-12-2023 By: Lokesh Gupta
Bitcoin Price Prediction, Which Will BITCOIN turn its rally

Bitcoin maintains $42,800 support but encounters resistance at $45,000

  • According to Coingabbar Technical Analysis, A detailed examination of the 4-hour chart unveils a phase of sideways consolidation, ultimately leading to an unexpected surge in the price.

  • The expanding channel pattern's rising trend lines have tracked Bitcoin's recovery over the last five weeks.

  • On December 5th, a significant breakthrough indicates buyers are poised for a strong recovery

  • On the 4-hour chart, BTC is trading inside the Bullish Pennant pattern, break will decide the new rally.

  • if the upside breakout seen and close above $45000 can lead to a recovery, targeting the next major resistance at $48,000.

  • Conversely, an inability to surpass $45,000 might lead to a retracement towards $40,000.

KEY LEVELS :

RESISTANCE LEVEL : $44,200-$44,600

SUPPORT LEVEL : $43,400-$42,800

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.


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