Bitcoin (BTC) cooled volatility above $17,000 at the Wall Street open on Dec. 5 as traders confirmed bullish targets.
Bitcoin Traders Get Excited About Short-Term Rise
Data from Cointelegraph Markets Pro and TradingView followed the BTC/USD pair as it held gains overnight, having hit three-week highs.
The weekly close itself was encouraging to some, forming the highest for Bitcoin since the FTX scandal broke.
Now, traders expected the rally to continue towards $20,000, with several resistance zones in play.
“Slowly but surely Bitcoin is rising. It needs to break above $17,400-17,600, but then it will most likely continue quite quickly towards $19,000”, wrote Michaël van de Poppe, founder and CEO of the trading firm Eight, in an update of the day.
another post offered a chart of the BTC/USD pair with price levels of interest.
The Titan of Crypto trader framework The $18,500 level as a formidable resistance area to watch, while a daily close above $17,167 would be “encouraging”.
“Are we going to break out of range this week?” the trader DoopieCash consulted along with a chart showing $17,552 as the closing level on daily time frames.
Meanwhile, Mustache, still optimistic, he pointed a classic bottom pattern, the inverse head and shoulders pattern, “in full swing” on the 12-hour chart.
Strong dollar faces a tense week
Meanwhile, the focus was on US equities and Asian markets returned to trading strongly.
Hong Kong’s Hang Seng rose 4.5% on the day, while the Shanghai Composite Index rose nearly 1.8%.
The US dollar continued to be a focus of attention in the macroeconomic outlook, with the US dollar index (DXY) near five-month lows in what could still be a boon for Bitcoin.
Meanwhile, Sven Henrich, founder of NorthmanTrader, noted the ongoing inverse correlation between the DXY and the S&P 500.
“A key chart to navigate the markets over the past few months: the US dollar $SPX directional correlation. It’s still at 95%.”, mentioned part of the Twitter comments that day.
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