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bitcoin price fell 1.8% in the last 24 hours to trade at $43,201 at 5:52 a.m. EST, while trading volume fell 29% to $28.3 billion.
It continues to trade within the weekly supply zone, maintaining prospects for further gains. This comes amid rising momentum and the fact that the bulls continue to show control. These are evident based on the momentum indicators.
bitcoin's plunge into the red came amid critical comments from JPMorgan CEO Jamie Dimon, who said he would “shut down” bitcoin and cryptocurrencies if he were the US government.
JUST IN: JPMorgan CEO Jamie Dimon says he would 'close' bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin & crypto if it were the government.
“The only real use case is criminals, drug traffickers, money laundering and tax evasion.”pic.twitter.com/UMBzuYPb59
— Watcher.Guru (@WatcherGuru) December 6, 2023
bitcoin Price Outlook as Weekly Supply Barrier Persists
btc is overbought, but the bullish potential is still alive, as demonstrated by technical indicators. To begin with, the Relative Strength Index (RSI) is heading north, showing momentum and thus the buying pressure continues to increase.
Furthermore, the Awesome Oscillators (AO) indicator shows green histogram bars in positive territory. As the volume of these bars grows, more buyers continue to flock to the btc scene.
With this outlook, further buying pressure could see bitcoin price extend northward, surpassing the midline of the supply zone at $43,860. A weekly candle close above this level would clear the way for a continuation of the primary trend, setting the tone for btc to turn the supply barrier into a bullish switch.
Further north, gains could extend until bitcoin price reaches the psychological level of $50,000, or higher, testing the resistance level of $55,560. In a very ambitious case, gains could be extrapolated to the top of the range at $66,098, in a move that would constitute a 50% rise above current levels.
On the other hand, if the supply barrier remains as a resistance order block, bitcoin price could face a rejection from it. The ensuing seller push could cause bitcoin price to fall below immediate support at the psychological level of $40,000, or worse, extend the decline until reaching the psychological level of $30,000.
A decisive candle close below this level would invalidate the current bullish outlook.
Chain Metric: GIOM
IntoTheBlock's Global In/Out of the Money (GIOM) on-chain metric shows that bitcoin price is facing quite strong resistance between $44,521 and 67,413.
Any effort to push btc beyond this zone of supplier congestion would be offset by strong resistance from btc addresses that purchased approximately 1.87 million bitcoin tokens at an average price of $53,308.
However, the same metric also shows that, at the current rate, 88.40% of bitcoin holders have unrealized gains. Meanwhile, only 9.57% accumulate unrealized losses. With more btc holders taking profits, the effective selling pressure on bitcoin price will surely be low as more investors look to take advantage of the current trend.
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