Bitcoin indicators suggest there's an incoming price increase

Market indicators for Bitcoin suggest that the cryptocurrency's price has stabilized and is ready for a steady increase.

@JakConnorTT
Published Thu, Dec 9 2021 3:09 AM CST   |   Updated Mon, Jan 3 2022 11:41 AM CST

A trend analysis report from NewsBitcoin suggests that Bitcoin's price has stabilized and is ready for a steady increase.

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The report outlines that Bitcoin made a sharp dip down to $49,000 but was quickly scooped up by buyers that pushed the price to above $49,500, according to the 100-hour simple moving average. BTC has a fight ahead to increase value, with its next key resistance being close to the $50,400 level and the following resistance being at $50,500 (on the 1-hour chart).

According to the report, breaking through the aforementioned resistance levels and reaching a price of $52,000 may result in a sharp price increase. If Bitcoin can't rally and more sell-offs occur, the price could see a sharp decline down to the $49,000 support, and if that doesn't hold, then the price may slump down to the $47,200 level.

Bitcoin indicators suggest there's an incoming price increase 02 | TweakTown.com

Technical Indicators

  • Major Support Levels - $50,000, followed by $49,000.
  • Major Resistance Levels - $50,500, $52,000 and $53,500.
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* Prices last scanned on 1/16/2022 at 11:44 pm CST - prices may not be accurate, click links above for the latest price. We may earn an affiliate commission.
NEWS SOURCE:newsbtc.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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