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Bitcoin Price Prediction – Bitcoin’s Aimless Movement During Festive Season.

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Bitcoin Price Prediction – Bitcoin's Aimless Movement During Festive Season.

Bitcoin Technical Analysis studies price movements and trends using tools and indicators.

(CTN News) – Bitcoin experienced a slight pullback on Friday, indicating a potential drift into the holiday season. In this situation, many buyers will likely enter the market to capitalize on the value. This has always been the plan for cryptocurrencies, with Bitcoin leading the way.

The 20-day EMA serves as a support level, so if the price falls to that moving average again, it could act as a solid short-term floor.

Additionally, the $40,000 level and a trendline play a significant role in the market. It’s important to note that Bitcoin is highly influenced by interest rates, as institutional traders seek higher yields when the US Treasury markets fail to provide a guaranteed “risk-free rate.”

Considering all factors, this remains a “buy on the dips” scenario. If the price surpasses the $45,000 level, it could potentially reach the resistance barrier at $47,500, which has previously seen substantial selling pressure.

Breaking above this level may lead to a further rise towards $50,000, attracting significant attention.

However, if we were to decline below the $40,000 threshold, the market would probably experience a more significant retreat, possibly targeting the 50-day EMA.

Overall, I believe this market will remain volatile and somewhat unusual during the holiday season. Nevertheless, all factors considered, the long-term outlook remains highly optimistic.

It is worth noting that the upcoming few sessions may not hold much significance. To stay updated on all economic activities taking place today, please refer to our economic calendar.

SEE ALSO:

Coinbase Expands In Europe With French Crypto License Amid SEC Dispute.

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