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Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance

Bitcoin’s price increases have brought some sunshine to the cryptocurrency sector. Each of CoinGecko’s three timeframes—daily, weekly, and biweekly—showed BTC in a positive light.

This is fantastic news for the cryptocurrency market as a whole, as BTC is the dominant currency in the sector.

Here’s a quick glance at how Bitcoin is performing of late:

  • Optimistic market movement and surprising investor buying
  • The technical indicators reveal a range of possible outcomes, some bullish and some bearish, but bears are still there
  • There will be no significant price hike this next week. Next year could see a break of the $17,500 barrier

It is clear to some that Bitcoin is growing in popularity, as today’s transaction volume reached as much as $7.12 billion.

Forecast: Bitcoin At $18,000

The $17,000 mark has been mentioned as a key level by several credible Twitter analysts. Recently, Michael Poppe has presented a study predicting that Bitcoin will hit or soar to over $18,000. And yet, is it possible that Bitcoin might reach these heights by December? As they say, anything can happen in crypto.

The leading cryptocurrency’s relative strength index (RSI) is in the overbought upper half, suggesting a possible pullback.

The current price of $17,000 is sustained at $16.8k, which is a somewhat unstable support given the volatility of BTC’s price.

This is all within a 4-hour timeframe. The daily timescale is currently quite positive, with the coin’s rise breaking its prior decline.

The only thing that could allow it to reach its $18,000 is the rather narrow Bollinger band, which indicates a narrower trading range in the next days.

A regression analysis reveals an R value of 0.855, indicating a robust and healthy uptrend in its infancy. MFI confirms this rally with a movement of its own.

The money flow index of Chaikin demonstrates complete bullish dominance, limiting the potential impact of an RSI-supported trend correction.

If the price falls today, we may see a decline towards the $16,800 support level. The bulls might exploit this support to target the current barrier at $17,500.

Slow And Consistent For The Target

Investors and traders should remember that the market is highly volatile. The price will rise significantly if a cautious and consistent buying momentum is generated.

According to CryptoQuant statistics, BTC holders are in the capitulation phase, as an increasing number of individuals realize their losses.

Consider the analysis to be totally theoretical, as this may merely be a glimpse of better things to come for the coin. As the market recovers from the catastrophe, BTC may surpass the $17,500 milestone.

CAKE total market cap at $327 million on the daily chart | Featured image from Analytics Insight, Chart: TradingView.com

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Bitcoin Notches Highest Trading Volume In Over 3 Months, Binance Data Shows

Bitcoin (BTC) trading volume is on the rise, as the cryptocurrency market shows some signs of improvement.

As of this writing, BTC is trading at $19,326, up 3.2 percent in the last 24 hours, data from Coingecko show, Thursday.

Today is one of the busiest trading days for Bitcoin since mid-June. CryptoQuant attributes the recent surge in BTC trading volume to Binance.

CoinGecko also reveals a dramatic increase in Bitcoin trade volume over the past three days. Total trade volume for the coin is $142.5 billion, a massive rise from $81.6 billion, or a 42.5% gain.

However, recent charts reveal that the market is still prone to volatility, especially when it comes to the BTC/BUSD pair.

Despite this possibility, Binance’s recent measures could aid Bitcoin and the broader cryptocurrency market in recovering from the recent massive liquidations.

Bitcoin Whales In Aggressive Mode

Binance made the decision to remove trading fees for a number of Bitcoin pairs on July 7. Included in this are trading pairs involving Bitcoin and their native stablecoin, the Bitcoin Dollar (BUSD).

As a result, the amount of daily trades in BTC/BUSD spiked almost immediately. The current price of the pair is $19,369. There has been an increase in value due to BTC being purchased by “whales” using BUSD.

Futures contracts on BTC/BUSD have likewise followed this pattern. As of today, the total number of BTC/BUSD transactions has reached 8.9 million. But does this whale frenzy portend future success for Bitcoin? Quite possibly.

Chart: TradingView.com
Potential Breakout? Or A Dip In The Offing?

The unexpected spike in Bitcoin transactions and trade volume is remarkable. This simple fluctuation can prompt traders to initiate profitable positions. At this time, Bitcoin long holdings are realistic.

However, the likelihood of a breakout is still quite remote. Currently, the Stoch RSI and CCI numbers are on the rise, which can provide sell signals to day traders seeking a rapid profit.

However, the tapering end of a descending triangle formation can make it difficult for bulls to break.

Currently, the pair is hovering at the 78.60 Fibonacci level, with immediate resistance at the $19,792 price range. With support at $18,137.58, a continuation of the rise is feasible if the bulls maintain their strength.

BTCUSD pair showing signs of vigor, trading at $19,417 on the daily chart | Source: TradingView.com

Featured image from The Market Periodical, Chart: TradingView.com