Technical Analysis

BTC/USD Analysis – December 09, 2021

By LonghornFX Technical Analysis
Dec 9, 20213 min

Bitcoin Price Prediction

The BTC/USD was closed at $50,503.4 after placing a $51,239.0 ad a low of $48,760.0. After placing gains for three consecutive sessions, BTC/USD dropped on Wednesday while maintaining the consolidated momentum. According to the Chairman and CEO of lending platform Celsius Network, Alex Mashinsky, the U.S. dollar was a distinctive form of payment, but it was a horrible store of value, whereas Bitcoin was a phenomenal store of value, but it was a pretty nasty form of payment. He acknowledged the store-of-value feature of BTC, but he also said that historically, users have regretted making the transaction in light of BTC's continued appreciation. These comments from Mashinsky had a negative impact on BTC/USD on Wednesday.

Meanwhile, Democratic lawmaker Alexandria Ocasio-Cortez said that she avoids any investments that could represent a conflict of interest, including crypto, and suggested her fellow lawmakers do the same. She elaborated that as a member of the House of Representatives Financial Services Committee, she felt that it was inappropriate for her to hold BTC or other digital assets because lawmakers have access to sensitive information and upcoming policy. She believes that doing so will only serve to keep her impartial in policymaking because she desires to do her job as ethically and impartially as possible.

Moreover, on Wednesday, chief executives of large cryptocurrency firms appeared before Congress to testify and provide information about their products and services as lawmakers struggled to bring the market within public policy and regulatory frameworks. This would improve lawmakers' understanding of the cryptocurrency industry and allow them to enact necessary regulations, which would have a negative impact on the entire industry, causing BTC to drop in value on Wednesday.

On the other hand, on Wednesday, Foundry Digital, a mining pool in the USA, became the top bitcoin miner as it launched a bitcoin mining rig marketplace called Foundryx. The company claimed that it had access to more than 40,000 mining machines ready for sale. The company has become the world's largest bitcoin miner in terms of hash rate. This news kept the losses in BTC/USD limited for the session.

Additionally, the third-largest holder of Bitcoin, Mystery Bitcoin Whale, added more than $150 million worth of BTC to their holdings following the latest price decline. A report from blockchain monitoring service BitInfoCharts suggested that an anonymous investor now holds close to $6 billion worth of BTC.

BTC/USD Intraday Technical Levels

Support Resistance

49834.4 51701.4

49034.7 52768.7

47967.4 53568.4

Pivot Point: 50901.7

BTC/USD - Technical Outlook

The price is now trading over $49,500 and the 100 hourly simple moving average. On the upside, an immediate barrier is near the $50,400 level. The next significant obstacle is located near the $50,500 level. On the hourly chart of the BTC/USD pair, a key negative trend line is forming with resistance near $50,500.

If bitcoin fails to break over the $50,500 barrier level, it may continue to fall. On the downside, there is immediate support near the $50,000 mark and the 100 hourly SMA. The first significant support is already emerging near $49,000. A break below the $49,000 support level may intensify selling pressure. The bears' next target could be $47,200.


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