BTC Price Levels to Watch as Bitcoin Holds $17K in Market Open
Bitcoin (BTC) cooled volatility above $17,000 in the Dec. 5 Wall Street open as traders confirmed upside targets.
Bitcoin traders are warming to short-term upside
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it held up overnight, after hitting three-week highs.
The weekly close itself was encouraging for some, forming Bitcoin’s highest since the FTX scandal broke.
Now traders hoped the upside would continue towards $20,000, with various resistance zones in play.
“Slowly but surely Bitcoin is grinding upwards. Needs to break $17.4-17.6K, but then we will most likely continue quite quickly towards $19K,” Michaël van de Poppe, founder and CEO of trading firm Eight, wrote in an update a day.
ONE further posts offered a BTC/USD chart with relevant price levels of interest.
Co-dealer Titan of Crypto the flag $18,500 as a formidable resistance zone to watch, while a daily close above $17,167 would be “encouraging.”
“Are we leaving the area this week?” trader DoopieCash asked along with a chart showing $17,552 as clinch level on daily timeframes.
A still optimistic mustache in the meantime pointed to a classic bottom pattern, inverted head and shoulders, “in full swing” on the 12-hour chart.
Dollar strength faces tense week
Meanwhile, eyes were on US stocks as Asian markets had another strong day’s trade.
Related: ‘Imminent’ Crash For Stocks? 5 things to know in Bitcoin this week
Hong Kong’s Hang Seng was up 4.5% on the day, while the Shanghai Composite Index managed nearly 1.8%.
The US dollar remained a focus of the macro picture, with the US Dollar Index (DXY) near five-month lows in what could yet be a boon for Bitcoin.
Sven Henrich, founder of NorthmanTrader, meanwhile, noted the ongoing inverse correlation between the DXY and the S&P 500.
“A key chart to navigate markets in recent months: US dollar $SPX directional correlation. Still sitting at 95%,” part of Twitter comments mentioned on the day.
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