Fresh and (still) fragile reconquest – Bitcoin (BTC) price is moving back and forth across $17,000. An analysis of the moving averages shows that the cryptocurrency could benefit from support just below this level, just as it could return to major support around $16,500.
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Bitcoin Price at $17,000: Possible Attack on June Lows?
Bitcoin price rises to $17,100 on Bitfinex today, December 2, 2022. Cryptocurrency is trading at $17,030 at the time of writing this article. On a daily basis, the markets are currently entitled to a doji.
Bitcoin price closed November above the 100-month exponential moving average, despite a wick below that level. On a monthly basis, it seems to have found support at this average which is currently around $16,514.
This $16,514 is not far from the 20-day simple moving average. just under $16,560, an average that Bitcoin recrossed on November 30, during its strong bullish impulse that allowed it to regain $17,000.
In the very short term, the 20-day exponential moving average (in orange) near to $16,960 could be Bitcoin’s closest support on a daily basis.
In terms of resistance on a daily basis, analyst Matthew Hyland points the $17,600 which correspond to the “low wick” of June of this year.
The recent announcement by the Chairman of the US Federal Reserve, Jerome Powell, on a possible moderation in the rise in interest rates as of this month of December, seems to have given new strength to the bulls. The latter keep the price of Bitcoin around $17,000. However, they have yet to confirm that they have the ability to continue the run to at least the June lows, otherwise the bears could pull Bitcoin price back towards those levels near $16,500.
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