- 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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.