- Bitcoin price stays under pressure and takes another step back after its short-lived rally.
- BTC price sees bulls unable to stage test against technical element.
- Expect to see a possible leg lower as thin volume does not see massive selling as it did last year.
Bitcoin (BTC) price looked promising in the wake of Thanksgiving and the famous biggest spending day of the season: Black Friday. Unfortunately, for the biggest cryptocurrency, none of those events are helping the price action. As people are still digesting the turkey, stuffing and pumpkin pie leftovers, the Black Friday firesale is not getting underway with very little appetite from retail traders.
BTC requires those much-plagued retail traders to break the spell
Bitcoin price is not the only one that is being a bit battered and is looking for direction as any real driving force is missing. Sure, equities closed higher, though not as forceful and with conviction as at the beginning of the week. A similar pattern in EUR/USD goes sideways, and the DXY Greenback barometer is almost unmoved, as all asset classes of financial markets are showing signs of fatigue.
BTC price could next slowly slip back to the supportive levels near $16,020. For a brief moment, it looked like this was the holiday rally that could break above that red descending trend line and at least rally up with $20,000 in sight. Instead, BTC is set to muddle through without any massive sell-off but rather slowly burn lower toward $15,500.
BTC/USD daily chart
If this Black Friday feeling does not do the trick, then maybe Santa can usher in excitement with some magic dust to get a last-minute rally in the books for 2022. With only five weeks left in the year, several traders and desks will be looking for that last profitable trade of the year to have a pencil to show for it. Once BTC can pierce through that red descending trend line, expect to see a pop higher toward $19,036 with the monthly S1 support, the 55-day Simple Moving Average and the high of November 21, 2020, triggering a small fade before traders can start to dream about $20,000 again.
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
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.