Bitcoin Price Analysis — December 15

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RESULTS

Bitcoin (BTC) and other altcoins have been trading on a mixed sentiment for a while now, as investors struggle to get any clarity on the crypto market’s next move amid the presence of intense volatility. Last week, Bitcoin plunged as low as $17,600 before finding some support, which sent it on a rebound.

Last night, the benchmark cryptocurrency rallied to a fresh weekly high of around $19,600 before attracting heavy selling that sent it falling to the $19,000 mark.

Although the cryptocurrency has recovered from the recent decline, one cryptocurrency analyst has cautioned that there are more of such sharp rallies and declines coming in the near-term.

At press time, BTC is trading at $19,560, a notable surge from its recent foray to the lower-$19,000 level and just a few dollars away from its weekly of $19,600.

Bitcoin’s next trend will be largely dependent on what it does at this level. The multiple trading traps that have plagued the Bitcoin space the past several days has caused traders to be hesitant in placing aggressive bets.

That said, one expert crypto trader has asserted that these fake-breakouts/traps will persist for a while until the crypto closes a weekly candle above $19,700.

Key BTC Levels to Watch — December 15

Bitcoin appears to have regained bullish momentum as it makes its way up on our hourly ascending channel. That said, we could see the cryptocurrency take on its $20,000 all-time high in the coming hours and days.

However, BTC has to record a sustained break above the $19,500 pivot zone, which it has been struggling to pull off for several hours now.

Meanwhile, our key resistance levels are at $19,600, $19,800, and $20,000. While our key support levels are at $19,200, $19,000, and $18,800.

Total market capital: $569 billion

Bitcoin market capital: $361 billion

Bitcoin dominance: 63.4%

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