The broader cryptocurrency ecosystem was in a state of growing fear on December 6 after market selling on December 3 continued to wobble in the sector and the price of bitcoin (BTC) remained below $ 50,000.
Data from Cointelegraph Markets Pro and TradingView show that the bulls managed to keep the BTC price above $ 49,000, but the general consensus is that there are several days of consolidation ahead.
4-hour BTC / USDT chart. Source: TradingView
Here’s what analysts have to say about what to expect from the BTC price in the coming weeks.
Strong support up to $ 40,000
An insight into the weekly Bitcoin price movement was provided by market analyst and Twitter alias Rekt Capital, who posted the following chart highlighting the key areas of support and resistance that traders should look out for.
BTC / USD weekly chart. Source: Twitter
Rekt Capital sa,
“Weekly BTC closed above the small red area from which BTC had returned earlier. BTC threatens to lose this area, but no breakdown is foreseen. Just below that area is the Orange area, an area of strong demand that ended with a 2-25% rebound in February and September. ” …
Short term refund up to USD 52,000
According to analyst and Twitter user Pentoshi, traders looking to avoid volatile price action in the coming days would be wise to sit back and wait for the market to absorb this latest pullback. in BTC up to $ 52,000. …
BTC / USD 1-day chart. Source: Twitter
While the analyst sees potential improvement in the long term, Bentoshi warned that the market could be slow in the short term and traders could find a better entry point if they remain patient.
“I see that short-term BTC trading is returning at $ 52,000, but I think if you wait a few days a week, you will avoid interruption. Buy for a very low price under $ 40,000. Don’t get caught. He sees no reason to open new long positions here at ATMs. Automated. I will wait for a new deal to come to me. ”
Related: Bitcoin Could Drive People Crazy For Months With A 53K BTC Price Cap Analyzer
Expect cracks between $ 42,000 and $ 53,000.
Independent market analyst Scott Melker concludes with the following tweet describing the price levels that traders should watch closely.
As seen in the tweet above, Melker identified the $ 42,000 to $ 53,000 range as an unstable zone that will drive traders crazy, while a flash above that zone is a positive sign for bulls. Prices below $ 42,000 would indicate that bears have the right to determine the price of bitcoins for the foreseeable future, Melker said.
The total cryptocurrency market capitalization is now $ 2.285 trillion, and the bitcoin dominance rate is 40.6%.