crypto

Bitcoin Price Prediction: How Long may BTC Prolong Its Ongoing Rally

Published 36 minutes ago by
Brian Bollinger Bitcoin Price Prediction. The Bitcoin price predicts a rising parallel channel pattern on the daily time frame chart. The technical setup shows a bull trend within the two parallel walking trendlines. There are multiple entry points at the support trendline. However, the coin price current moving near the pattern resistance trendline indicates a minor pullback is possible before the next recovery jump.advertisementKey points:A rising parallel channel pattern governs Bitcoin’s price recovery
The recent price rise reclaimed the 20- and 50-day EMAs, providing additional support levels to extend price recovery.
Bitcoin’s intraday trading volume is $25.8 billion, which indicates a 31% gain.
Why is Bitcoin Price Increasing Today? The U.S. Bureau of Labor Statistics released the November Consumer Price Index (CPI), data on Tuesday, December 13th. The November CPI data was 7.1% in the report, compared to 7.7% in October. This accentuates the cooling inflation and allows the US Fed to be more aggressive with its interest rate hike. The leniency in the interest-rate hike will allow many businesses to borrow loans at banks with reasonable interest rates, which will eventually help economic growth. Additionally, Bitcoin’s dominance rate has risen to 41%, its highest level since October 29th. Trending StoriesSource-TradingviewOver the past two weeks, Bitcoin has struggled to break a local resistance of $17300. This power struggle to reclaim higher levels led to a feeling of uncertainty in the crypto markets and led to most altcoins going sideways. However, today’s Bitcoin price saw a significant inflow and jumped 3.3%. The long bullish candle helped buyers surpass the weekly resistance of $17300, indicating that there was a resumption in recovery. Furthermore, rising price action showed that Bitcoin follows an ascending parallel pattern. The Bitcoin price traded at $17740 by press time and retested the pattern’s resistance channel. This would indicate that Bitcoin will fall from the overhead trendline before regaining support. The support trendline must be maintained. However, prices will continue to rise until then. Thus, a minor pullback is expected to check price sustainability at higher levels.advertisementRelative Strength Index: An upswing in the RSI slope above the neutral indicator, the market sentiment favors Bitcoin growth.Bitcoin Price Intraday LevelsSpot rate: $17782
Trend: Bullish
Volatility Low
Resistance levels: $18500 and $19600
Support levels: $17300 and $16700
Share this article:About author
Disclaimer
The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Close Story