BTC: Weakness of Buyers and Test of $17,200
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BTC: Weakness of Buyers and Test of $17,200

December 5, 2020      Peter Oleshchuk

The fantastic BTC price growth by almost 50% ignited in the investors’ eyes confidence and optimism in the future. Buyers stopped their pressure in the previous month just near the historical high, leaving a lot of intrigue for December. Open interest in the coin is constantly growing and despite the expensive price and decent volatility, buyers continue to greedily buy. However, over the last 3 weeks, there has been a noticeable slowdown in the price growth and sellers’ activity on the BTC market.

BTC price growth slowdown

If we look at the weekly timeframe, we see that buyers are updating the local high for the third time, but they can’t confidently fix above $18,400:

BTC

Of course, the current weekly candle has not closed yet and there is a possibility of keeping this mark. Though, looking at the price movements dynamics at the moment – the probability of the insane BTC growth correction beginning is higher.

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On 26 November, sellers rang the first bell of correction, leaving a strong channel of the BTC price growth:

BTC

As you can see in the chart, buyers failed to return the price within the orange channel. In addition, the trading volumes of the last two days show the local passivity of buyers.

The BTC influence on the cryptocurrency market has stopped growing

The Bitcoin dominance hints at the possible continuation of the BTC price correction with the targets of $18,400 and $17,200. After a sharp impact fall of the main cryptocurrency in late November, investors do not dare to buy it just as confidently:

BTC

Consolidation below 63.89% hints at continued BTC impact fall to 60%.

A local weakening of a local trend does not mean its end. Therefore, the cancellation of this correction scenario is possible if the mark of $18,400 is kept under buyers’ control. In this case, by the end of the new year, buyers will install new jewelry on the historical BTC high and lay a great foundation for the whole of 2021.

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#Bitcoin influence #Bitcoin Market #BTC price analysis
Peter Oleshchuk
Peter Oleshchuk

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.