Bitcoin Price Prediction: BTC/USD Struggles to Break $58,000 Level

Bitcoin Price Prediction – December 1

The Bitcoin price rebounds from the daily low of $56,700 as the buying interest may increase the bullish movement towards $60,000.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $64,000, $66,000, $68,000

Support Levels: $53,000, $51,000, $49,000

BTCUSD – Daily Chart

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BTC/USD may continue to range-bound if the market price stays within the 9-day and 21-day moving averages.  However, as the market establishes a cross above $58,000 resistance levels, the buyers may continue to look for additional resistance levels above the 21-day moving average on its way to the upper boundary of the channel.

Bitcoin Price Prediction: BTC Price May Reclaim $62,000 Resistance

According to the daily chart, after the Bitcoin price begins the daily trade at $56,998, the king coin is now facing the resistance level of $60,000 and looking forward to reclaiming the resistance level of $62,000. However, the daily chart reveals that if the 9-day moving average crosses above the 21-day moving average, it may confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the price breaks below the 9-day moving average but it could rise if the $62,000 resistance is reached.

At the time of writing, the technical indicator Relative Strength Index (14) may likely cross above 50-level to indicate a bullish movement. Meanwhile, if the king coin stays above the 9 moving averages, it could reach the resistance levels of $64,000, $66,000, and $68,000 but any movement below the lower boundary of the channel could hit the supports at $53,000, $51,000, and $49,000.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin price is seen rising above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index moves to cross above 60-level. However, if the Bitcoin price crosses above the upper boundary of the channel, the bullish influence could spike and the acquired more gains.

BTCUSD – 4 Hour Chart

However, should in case the current candle failed to cross above the upper boundary of the channel, the Bitcoin price may slide towards the support level of $56,000 and below. Furthermore, the bulls may need to keep the coin above the resistance level of $58,000 in other to break the potential resistance at $60,000 and above.

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