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Bitcoin (BTC) Forecast: Navigates $42,000 Amid Bearish Signals

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on December 11, 2023 | 2 min
Updated on Dec 11, 2023
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  • Bitcoin (BTC) faces immediate resistance at $42,844, with potential to test higher levels at $45,732 and $47,658.
  • Bearish indicators: Trading below 50 EMA and MACD showing downward momentum.
  • Crucial support levels at $38,086 and $36,160 could provide a foundation for potential reversals.

The cryptocurrency market is witnessing a crucial phase, with Bitcoin (BTC/USD) playing a pivotal role in shaping the broader digital asset landscape. As of December 11, Bitcoin’s technical outlook presents a nuanced picture. The current live price of Bitcoin is $42,095, reflecting a 4.20% decline over the last 24 hours. With a staggering market cap of $823.65 billion and a dominant position at the top of CoinMarketCap rankings, Bitcoin continues to be the standard bearer of the crypto world. The circulating supply of 19,566,568 BTC against a capped maximum of 21,000,000 BTC adds to its scarcity and value proposition.

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BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

Bitcoin (BTC) Price Prediction: Technical Outlook

On the technical front, the cryptocurrency is currently trading around a pivot point of $40,975. Immediate resistance levels are identified at $42,844, followed by higher resistances at $45,732 and $47,658. These levels represent key thresholds that BTC needs to breach to regain its bullish momentum. Conversely, support levels are located at $38,086, $36,160, and $34,348, which might offer potential bounce-back points in case of further declines.

The Relative Strength Index (RSI) of Bitcoin stands at 34, indicating a bearish sentiment but not dipping into oversold territory. This suggests that while selling pressure is present, there is still room for further downward movement before a potential reversal. The Moving Average Convergence Divergence (MACD) further solidifies this bearish outlook, with a value of -274.95 trailing below the signal line at 40.31. This indicates a potential continuation of the downward trend in the near term.

Notably, Bitcoin is currently trading below the 50-Day Exponential Moving Average (EMA) of $42,596. This is generally considered a bearish indicator, suggesting that the short-term trend is inclined towards the downside. Furthermore, Bitcoin has completed a 38.2% Fibonacci retracement at $41,710, pointing towards a potential consolidation or further decline towards the 50% or 61.8% Fibonacci levels.

In conclusion, Bitcoin’s trend remains bearish below the critical level of $42,950. The digital currency is expected to face resistance in its attempts to rise, with the market’s focus on upcoming resistance and support tests. If the bearish momentum persists, Bitcoin may further test lower support levels, shaping its trajectory in the coming days.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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