- Bitcoin is trading within the confines of a contracting triangle, pending breakout.
- Both the 50 SMA and the 100 SMA are working as immediate support lines above the 61.8% support.
Bitcoin price is trading at the narrow end of a short-term contracting triangle, likely to culminate in another breakout to the upside. After coming short of the critical resistance at $8,500, BTC/USD has been correcting lower while the upside movements being limited by the bearish trendline.
The 61.8% Fib retracement level between the highs of $8,479.97 and a low of $7,702.22 has been very instrumental holding ground on Thursday. The trend is neither bullish or bearish and the price is a sitting duck waiting for either the bulls or the sellers to attack. BTC/USD has proven to the cryptocurrency community that it has the potential to recover in spite of the bull rally losing momentum.
The next resistance target for the intraday trading is $8,300, however, the resistance at $8,275 must be overcome in the short-term. Moreover, $8,400 is a critical breakout zone for the retracement to levels beyond $8,500. On the downside, both the moving averages on the 15-minutes chart are working as support lines: The 100 SMA at $8,239.57 while the 50 SMA positioned a little lower at $8,212.68. As mentioned the 61.8% Fibo is working as a strong intraday support at $8,182.81 but if declines exceed this level, $8,100 will stop the break down to $8,000.
BTC/USD 15-minutes chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 5 tokens trending alongside Bitcoin: ORDI, STX, LUNC, PEPE, CFX
Bitcoin price crossed the $41,400 level early on Tuesday. The largest cryptocurrency by market capitalization extended its gains and continued its rally, after yielding 12% weekly gains for holders.
There is a 25% probability of Solana flipping Ethereum: Santiago Santos
In a recent episode of the Empire podcast, Santiago Santos, former Partner at ParaFi Capital, shares his views on how Solana’s market capitalization could exceed Ethereum’s in the next market cycle.
Ripple transaction count exceeds 1.38 million, XRP price likely to extend gains
Ripple (XRP) remains a talking point among retail market participants that expect a settlement in the US Securities and Exchange Commission’s (SEC) lawsuit against the cross-border payment remittance firm.
Bitcoin price eyes $45,000 target ahead of BTC halving in April 2024
Bitcoin price crossed the $41,400 mark on Binance, in its ongoing uptrend, on December 5. BTC price rally is likely driven by the anticipation of Spot Bitcoin ETF approval. There are more catalysts driving BTC price gains in the current cycle.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.