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Bitcoin’s next bullish advance requires breaking over this crucial barrier

Bitcoin's next bullish advance requires breaking over this crucial barrier

As the cryptocurrency market continues to switch between the red and green waves in an effort to overcome the consequences of the FTX-induced collapse that has wreaked havoc across the landscape, analysts are trying to predict the future of Bitcoin (BTC).

At the moment, Bitcoin is facing resistance at $17,600, which is the “wick low from June” 2022, as crypto trading expert Matthew Hyland explained using a chart pattern analysis in a tweet published on December 2.

Bitcoin price action analysis. Source: Matthew Hyland

Should Bitcoin overcome this resistance, it could potentially continue its move upward, which was recently cut short after the flagship decentralized finance (DeFi) asset dropped below the $17,000 level. According to crypto analyst Moustache, the “final decision [will be] at $18.500-$18.700,” taking into account the Wyckoff Method analysis.

Consolidating under the macro factors

Meanwhile, commenting on the price movements of the maiden cryptocurrency from the day before, another crypto trading expert, Michaël van de Poppe, said:

“Bitcoin tested the [previous] resistance, took the high, and corrected after a terrible ISM PMI of 49.0. Probably just some healthy consolidation before continuation on the trading takes place. Long still exists.”

He was referring to the Insitute for Supply Management (ISM)’s monthly purchasing managers’ index (PMI), an indicator of the United States’ economic activity based on a survey of purchasing managers in over 300 manufacturing companies.

According to the ISM: “A Manufacturing PMI reading above 50% indicates that the manufacturing economy is generally expanding; below 50% indicates that it is generally declining.” For November, the PMI amounted to 49%.

Later, Van de Poppe reiterated his view that “Bitcoin is consolidating nicely here and the game still stands,” despite “boring markets.”

Bitcoin price action analysis. Source: Michaël van de Poppe

Bitcoin price analysis

At press time, Bitcoin is trading at $16,971, which represents a decline of 0.75% on the day but still an increase of 3% across the previous seven days as it tries to recover from the loss of 16.86% on its monthly chart, as per data retrieved by Finbold on December 2.

Bitcoin 7-day price chart. Source: Finbold

In the view of crypto analyst Kaleo, the largest crypto by market capitalization ($326.22 billion), changing hands at the current level is the perfect opportunity for investors to buy it, as he stressed that “Bitcoin under $20K is a gift. Stack it while you can.”

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