Bitcoin Price Forecast: BTC Dips Under $90k as Metaplanet Highlights 'Important' Proposal
Bitcoin Price Movement: Bitcoin's price has slightly decreased to $89,634, with trading volume dropping by 31% to $35.3 billion, as it struggles to maintain levels above $90,000.
Metaplanet's Shareholder Meeting: Japan-based Metaplanet is preparing for an extraordinary general meeting on December 22, focusing on crucial proposals regarding preferred share issuance and its BTC accumulation strategy, where it currently holds 30,823 BTC.
Market Analysis and Predictions: Technical analysis indicates that Bitcoin is at a critical point within a falling wedge pattern, with potential for a breakout if bullish momentum continues, targeting resistance levels above $107,500.
External Economic Factors: Traders are concerned about the upcoming interest rate hike by the Bank of Japan, which may impact risk assets like Bitcoin, alongside bearish signals from the SuperTrend indicator suggesting a possible significant price drop.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36126.697 | 48063.348 | 60396.717 | 72333.368 | 84666.737 | 96603.388 | 108936.757 |
| Fibonacci | 48063.348 | 57334.496 | 63062.221 | 72333.368 | 81604.516 | 87332.241 | 96603.388 |
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