Bitcoin (BTCUSD) Price Forecast: December 7
Today, the BTCUSD pair hits another new all-time high of $104k. The crypto market is filled with buzz as the leading crypto hits a market cap of 2 trillion, suggesting promising growth opportunities. Should the investors’ interest in the coin increase, the bullish momentum might continue to reach $120k soon, catching market attention with their investors’ interest and bullish developments.
Key Levels:
Resistance Levels: $102,000, $103,000, $104,000
Support Levels: $60,000, $59,000, $58,000
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD remains bullish as it hits another new all-time high on the higher time frames. This is clear as we can see the prices trading above the moving average lines at the upper resistance level, indicating a robust bullish momentum.
However, the previous action at the $99,263 high level has sustained the coin price to remain above the trend line as it hits a new all-time high.
Today, the Bitcoin price has skyrocketed as it hits an all-time high of $104k at the upper resistance level as the daily chart opens, leading to an opportunity for massive gains to the entire crypto market. With this bullish momentum, several crypto coins are showing potential gains of exploding in value.
The BTCUSD pair shows the continuation of bullish sentiment as indicated by the momentum indicator. However, the downside risk remained uncertain. Thus, the next bulls’ target might be the $120k high level in the days ahead in its long-term outlook.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
With Bitcoin price reaching another all-time high the crypto price remains stable on the upside, implying a firm bullish trend in its medium-term outlook. The price of BTCUSD can be seen progressing upward around the upper resistance area, indicating that buyers are currently gaining more strength in the market.
In the previous session, the coin price reached a $99,263 high value, sustaining the crypto to hit another all-time high above the resistance levels in its recent high.
This will enable buyers to further ladder up the trend and push the Bitcoin price to hit another all-time high of $120k. Hence, more buyers’ participation is a prerequisite.
However, there is a possibility of a further increase in the price of Bitcoin, if the buy traders increase their price actions and all the current support level holds. A psychological level at the $120k upper high level might be reached soon in its medium-term time frame.
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