Bitcoin bulls face a battle for support on multiple timeframes as BTC price action stays volatile.
4268 Total views 14 Total shares Listen to article Bitcoin (BTC) tapped lows beneath $41,700 after the Dec. 15 Wall Street open as BTC price action fielded fresh sell-side pressure. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD diving over $1,300, or 3.2%, on the day. The largest cryptocurrency, fresh from a recovery from snap volatility the day prior, failed to hold its ground at $43,000 as Bitcoin bulls were denied upside continuation. BTC price weakness accompanied news that the United States Securities and Exchange Commission had refused a request by major exchange Coinbase to rework the rules for crypto. “Today, the Commission denied a Petition for Rulemaking filed on behalf of Coinbase Global, Inc.,” a statement from SEC Chair Gary Gensler read.
Bitcoin balks at SEC Coinbase rejection
$BTC 4H
Price contesting 4H EMAs again & RSI below 50 currently, important close coming upthose spot bids line up with the 4H 100EMA & 18D EMA
~ systematic bids https://t.co/L89Nl6pW12 pic.twitter.com/G6CD5zCfXy— Skew Δ (@52kskew) December 15, 2023
BTC price bulls in Fibonacci showdown
Zooming out, meanwhile, Keith Alan, co-founder of trading resource Material Indicators, revealed an ongoing struggle to flip a key weekly level back to support.
This came in the form of the 0.5 Fibonacci retracement line near $42,500, one of several key hurdles to overcome on the way toward $69,000 all-time highs.
If we look at the #Fibonacci levels from the ATH to the macro swing low for #Bitcoin we find ourselves testing support inside the Golden Pocket. That's bullish if the .5 Fib holds and leads to a break out above the .618 level, but at the moment there seems to be a battle to hang… pic.twitter.com/b5J6ajKbjh
— Keith Alan (@KAProductions) December 15, 2023
Material Indicators further showed large-volume traders increasing buying activity at the time of writing.
“Mega Whales are buying, and trying to reclaim $42k,” part of X commentary summarized.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.