Bitcoin Price Prediction: How Far BTC May Prolong Its Ongoing Rally?
Bitcoin Price Prediction: The Bitcoin price shows the formation of a rising parallel channel pattern in the daily time frame chart. The technical setup carries a bull trend within two parallel walking trendlines and offers multiple entry opportunities 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.
Key points:
- A rising parallel channel pattern governs Bitcoin’s price recovery
- The recent price jump reclaimed the 20-and-50-day EMAs, offering additional support levels to prolong price recovery.
- The intraday trading volume in Bitcoin is $25.8 Billion, indicating a 31% gain.
Why Is The Bitcoin Price Gaining Today?
On December 13th Tuesday, the U.S. Bureau of Labor Statistics disclosed the Consumer Price Index (CPI) data for November. The report showed the November CPI data of 7.1%, down from 7.7% in October.
A less-than-expected CPI accentuates the cooling inflation and bolsters US Fed to be less aggressive with the interest rate hike. Thus, the leniency in the interest rate hike will allow several businesses to borrow loans from banks with reasonable interest rates and eventually help in economic growth.
Furthermore, the price jump pushed Bitcoin’s dominance rate above 41%, the highest since October 29th.
Source-Tradingview
Over the past two weeks, Bitcoin has struggled to break a local resistance of $17300. This power struggled to reclaim higher levels, created a sense of uncertainty in the crypto market, and led the majority of altcoins on a sideways rally.
However, the Bitcoin price witnessed a significant inflow today and jumped 3.3%. The long bullish candle assisted buyers in surpassing the weekly resistance of resistance $17300, suggesting the resumption of prior recovery.
Moreover, the rising price action revealed that Bitcoin follows an ascending parallel channel; pattern. By the press time, the Bitcoin price trades at $17740 and retests the pattern’s resistance trendline.
A usual reaction to the current situation would be that Bitcoin price will turn down from the overhead trendline and plunge back to support. However, untill this support trendline is intact, the recovery will continue to raise the BTC price higher.
Thus, the next bull cycle within this pattern could push the prices to the $18500 mark.
On the contrary note, a breakdown below the pattern’s support trendline will undermine the recovery rally and may trigger a significant correction.
Technical investor:
Bollinger band indicator: the rising price hit the indicator’s upper band, suggesting a sudden growth within a short span. Thus, a minor pullback is expected to check price sustainability at higher levels.
Relative Strength Index: An upswing in the RSI slope above the neutral indicator, the market sentiment favors Bitcoin growth.
Bitcoin Price Intraday Levels
- Spot rate: $17782
- Trend: Bullish
- Volatility: Low
- Resistance levels- $18500 and $19600
- Support levels- $17300 and $16700
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