BTCUSD Weekly Outlook – December 10 , 2021

Last Updated on December 11, 2021

Bitcoin Price Forecast


Last week, crypto brokers like VideForex who had open short positions were able to take advantage of the bearish trend that dipped down to the 41500 low before the price rose towards the new trading week.

The price dip was an opportunity for some whales, investors, and crypto brokers to buy from the fall because the price just retested the support level on the weekly time frame.

Read on as we uncover more price dynamics and events for the BTCUSD crypto pair.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD Monthly chart - 10 Dec 2021

Monthly Resistance Levels: 69412, 65072

Monthly Support Levels:   39560

On the monthly chart, barely a week into the month we can see that the bitcoin price had a serious drop of about 29% from the high of the month to the current low of the candlestick. Previously some sellers took the BTCUSD pair as of May 01, 2021. If the momentum is strong the price may drop lower towards 39560. 

Should the price of the bitcoin close below the 39560 levels we shall experience another price drop. However, if the pullback is strong the pair may takeout ATH for another bullish move.

Weekly Chart

BTCUSD weekly chart - 10 Dec 2021

Weekly Resistance Levels: 69415, 59860

Weekly Support Levels:   42705, 40000

The inverse hammer on the 8th of November was the signal that took the price of bitcoin down. The previous week had a bearish engulfing candle which confirmed the seller’s dominance on the market. In two trading weeks, the price favored the sellers.

However, crypto brokers in a long position have seen the crypto market Cap recovers about $200B in a day as the price of bitcoin hits the $51000 mark. Reports show that some Whales have accumulated over $3.2 billion of bitcoin. A bullish run and close above the level of 59860 will push the price higher in the future.

 Daily Chart

Daily Resistance 65174, 52739, 

Daily Support 52739, 42700

BTCUSD pair has recovered to some degree when the support level of 42700 rejected the sudden fall of BTCUSD price because it is a psychological zone on the daily chart for both buyers and sellers. The buyers need to close above the resistance level of 52739 if the bullish momentum must continue.

However, the bearish momentum is yet to be over, because the BTCUSD price is yet to break out above the resistance of 52739 before we can say that the price of bitcoin has reversed.

Bullish Scenario:

On the daily time frame, a bullish scenario is already playing out and we may see the possibility because the price is building momentum from the support zone of 42700 on the daily chart. A close above the resistance of 52739 will trigger a bullish momentum.

 Bearish Scenario:

The bear’s momentum is on the break as the price is retesting the previous support level that was broken and it is acting as a resistance. Rejection and a close below the 42700 level will take the price down.

Bitcoin BTC News Events 


Research conducted by Grayscale Investments shows that many investors in the USA hold bitcoin and most of them bought the coin about 12 months ago. An estimate of over 25% of the American investors has bitcoin. The value of USD increased by 70% as of the first month of the year. 

Prominent Investors and individuals like Paul Tudor Jones, Orlando Bravo, Barry Sternlicht, Senator Cynthia Lummis, Eric Adams, and Francis Suarez just to mention a few that showcased their support for bitcoin. Also, larger companies and numerous institutions are investing in the cryptocurrency market. For example, the likes of MicroStrategy take every opportunity to accumulate bitcoin because it believes that the number one coin has an advantage in the market.

Many US residents are holding on to bitcoin and there is the possibility that more individuals will invest and hold the coin. Statistics show that about 50% of the bitcoin holders joined the bandwagon almost a year ago because they see the digital asset as a store-of-value in terms of investment platform than a currency.

Will American Crypto brokers keep investing in the bitcoin assets? Data shows that male youngsters have shown interest in cryptocurrencies. The percentage of people around 55 and 66 rose from 30% to 46% from 2020 to 2021. Female investors who see potential in digital assets rose from 47% to 55%. Since the pandemic started, the monetary policy has faced disorder programs such as high inflation. 

The last inflation rate was in the 80s and it’s reading at 6.1%, investors will search for alternatives because the dollar’s buying power is diminishing due to mass printing of the US dollar.

Conclusion and Projection

Every retracement move of the BTCUSD pair is an opportunity for the whales, Institutions, and crypto brokers because buying the deep will give them an advantage in the market. From the daily chart, we cannot confirm the reversal because the bullish swing has not been created in the time frame.

James S. Martin
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