Technical Analysis

BTC/USD Analysis – December 03, 2021

By LonghornFX Technical Analysis
Dec 3, 20213 min

Bitcoin Price Prediction

The BTC/USD closed at $56,517.0 after hitting a high of $57,389.0 and a low of $55,842.0. BTC/USD dropped on Thursday amid the negative developments surrounding its ecosystem. The United States Securities and Exchange Commission (SEC) officially disapproved asset manager Wisdom Tree's spot Bitcoin (BTC) exchange-traded fund (ETF). The SEC rejected the proposal from Cboe BZX Exchange to list and trade shares of Wisdom Tree's Bitcoin Trust to prevent fraudulent and manipulative acts and practices and protect investors and the public interest.

According to the SEC, the BZX has not met the requirements for listing a financial product following its rules in addition to the Exchange Act. The SEC also claimed that the company failed to provide enough data to conclude that the crypto market was resistant to manipulation. On Thursday, the rejection of WisdomTree's application for a spot Bitcoin ETF added a negative impression on BTC/USD prices.

Furthermore, the rising price of the US dollar added further negative momentum to the BTC/USD pair. The greenback rose on Thursday to 96.18 levels ahead of the non-farm payroll report. The US dollar was also gathering strength amid the positive comments from Joe Biden over the Omicron variant. Biden said that there was no need to panic over the Omicron variant as the country was accelerating the vaccination campaigns and suggested that the variant would not halt the US economic recovery. These comments added strength to the US dollar and had a negative impact on the leading cryptocurrency.

On the flip side, an American online food delivery platform, Grubhub, has developed an idea to retain its users. The organization has partnered with Bitcoin bonuses company Lolli, which will allow its users to earn BTC on every order. In addition, the company will give about $5 in BTC to the customers of Grubhub on their first order. And on their next orders, they will subsequently get $1 in BTC. Users would have to activate Lolli on the web or mobile before placing an order on Grubhub. This news kept the losses in BTC/USD low on Thursday.

BTC/USD Intraday Technical Levels

Support Resistance

55776.4 57323.4

55035.7 58129.7

54229.4 58870.4

Pivot Point: 56582.7

BTC/USD - Technical Outlook

On Friday, the BTC/USD coin was trading sideways, maintaining a narrow range of 57,300–56,100. Bitcoin’s initial resistance stays around $57,300. A decisive break above the $57,300 resistance level could pave the way for more gains. The next significant obstacle is approaching the $60,000 mark, above which the price could continue to rise rapidly. The bulls' next target could be about $61,200.

On the flip side, failure to break over the $57,300 barrier level exposes Bitcoin towards a new downturn. On the downside, there is immediate support near the $56,650 mark. The first significant support is currently building between $56,800 and the 100 hourly SMA. The next significant level of support is at $56,000. A breach below the $56,000 support level might expose the price lower to $55,500. Any further losses could precipitate a significant drop towards $52,000.


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