Here’s why analysts expect ‘choppy’ Bitcoin price action between $42K and $53K

A person standing in front of a television Bitcoin

Here’s why analysts expect ‘choppy’ Bitcoin price action between $42K and $53K

Traders expect Bitcoin price to stay in a “choppy” $42,000 to $53,000 zone until confidence returns to the market.

Here’s why analysts expect ‘choppy’ Bitcoin price action between $42K and $53K

The wider cryptocurrency ecosystem is in a heightened state of fear on Dec. 6 after the Dec. 3 market sell-off continues to send ripples across the the sector and Bitcoin (BTC) price remains pinned below $50,000. 

Data from Cointelegraph Markets Pro and TradingView shows that bulls are managing to hold BTC price above $49,000 but the general outlook suggests that additional days of consolidation are in store.

Here’s why analysts expect ‘choppy’ Bitcoin price action between $42K and $53K

BTC/USDT 4-hour chart. Source: TradingView

Here’s a look at what analysts are saying about what to expect from BTC price in the coming weeks.

Strong support in the lower $40,000s

Insight into the weekly price action for Bitcoin was provided by market analyst and pseudonymous Twitter user Rekt Capital who posted the following chart highlighting the major support and resistance zones traders should keep an eye on.

BTC/USD 1-week chart. Source: Twitter

Rekt Capital said,

As seen in the above tweet, Melker identified the range between $42,000 and $53,000 as the choppy zone that will drive traders nuts, while a breakout above that zone is a positive sign for bulls. According to Melker, prices below $42,000 will indicate that bears have the upper hand in dictating BTC price for the foreseeable future.

The overall cryptocurrency market cap now stands at $2.285 trillion and Bitcoin’s dominance rate is 40.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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