Bitcoin Sellers Are Exhausted While Buyers Wait for the Dips: What’s Next for the BTC Price?

The post Bitcoin Sellers Are Exhausted While Buyers Wait for the Dips: What’s Next for the BTC Price? appeared first on Coinpedia Fintech News

The crypto markets are again consolidating after undergoing a modest rally for a short interval that turned out to be quite significant. After equal participation among the bulls and the bears, the BTC price managed to form a new yearly high at around $38,450. Woefully, this move attracted the bears, who dragged it back below $38,000 as the BTC price continues to trade around $37,700 at the moment.

Ever since the breakout from the lower range, the BTC price has been trading within a range and has constantly failed to close above the top range. It appears as if the buyers are really looking forward to buying Bitcoin but are unable to do so. Besides, the sellers are also exhausted, and another significant dip may intensify the buying volume.

Now that the BTC price is displaying some strength, here’s what you can expect in December 2023.

The BTC price has been ranging along the lower trend line since the start of the month, and now that the monthly close is on the horizon, the volatility has dropped drastically. However, the trend remains in the bullish favour and a continued sideways trade can be expected until it reaches the apex of the ascending triangle. The next target lies at 1.2 FIB levels, around $42,000. This move may materialize only when the price breaks above the pivotal resistance zone around $40,000.Until then, it could continue with its choppy ride. 

Considering the Bitcoin liquidity heatmap, it appears that the price has taken out some liquidity above and below ranges. Therefore, the Bitcoin price may continue to chop sideways until the end of the month and could continue with the same trend for the first few days of December. However, just before the end of the year, a significant move is expected, while the direction of the trend presently remains unclear.