Bitcoin Price Analysis — December 6

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RESULTS

As we go into a new week, Bitcoin (BTC) maintains its low-volatility momentum around $19,000. However, the benchmark cryptocurrency continues to trade above the round since yesterday but lacks any follow-through strength. The cryptocurrency recorded a high of $19,350 over the weekend.

Meanwhile, the total cryptocurrency market cap has risen by $20 billion over the past 24 hours.

The inability for Bitcoin to break into uncharted territory (above $20,000) has prompted the cryptocurrency to continue to dwell around $19k. Since it failed to take the $20k mark earlier this week, BTC has fallen into consolidation.

In other news, Altcoins have exhibited even more volatility compared to Bitcoin over the past ten days. Cryptocurrencies like Ethereum (ETH) and Ripple (XRP) have gone from recording new year-to-date highs to seeing whopping double-digit declines during last week’s Thanksgiving cryptocurrency massacre.

Altcoins have begun full recovery processes but saw mild dips yesterday. However, over the past 24 hours, most Altcoins are in the green, with Ethereum and Ripple rallying 2% and 4% respectively.

Meanwhile, Chainlink (LINK) and Polkadot (DOT) have risen above $13 and $5 respectively. However, Binance Coin (BNB) and Cardano (ADA) are struggling below $30 and $0.16 respectively.

Overall, the cryptocurrency market has gained $20 billion from yesterday’s dip from $547 billion to $567 billion.

Key BTC Levels to Watch — December 6

Bitcoin has entered a comfortable $1,000 consolidation range between $19,500 and $18,500. That said, a rise or fall through either of the endpoints of this consolidation area would determine the next price rally for the cryptocurrency. The Bitcoin market direction this new week will be determined by the perceived risk mood across markets.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $19,000, $18,800, and $18,500.

Total market capital: $567 billion

Bitcoin market capital: $355 billion

Bitcoin dominance: 62.6%

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