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Bitcoin Price Prediction: BTC/USD Is Confined Between $17,600 and $18,600, Upward Move Likely

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Bitcoin (BTC) Price Prediction – December 12, 2020
For the past five days, Bitcoin has remained stagnant between $17,600 and $18,600. The price movement of Bitcoin has been insignificant due to external factors. One of the reasons is that the U.S stock market is struggling. Therefore the current fluctuations within the price range will continue.

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Presently, BTC/USD is stuck between $17,600 and $18.600. Analysts believe that if Bitcoin will rise and reclaim the $18,600 and $18,800 price levels, Bitcoin will resume the upside range momentum. When the upside momentum is resumed, BTC will retest the $19,400 support and resumed the upward move. On the other hand, if the bulls fail to achieve upward momentum, the $17,600 price level will be broken. A break below $17,600 will compel BTC to reach a low of $16,000. Meanwhile, Bitcoin is at level 50 of the Relative Strength index period 14. It indicates that there is a balance between supply and demand. BTC is above the 80% range of the daily stochastic. It indicates that Bitcoin is trading in the overbought region of the market.

Russian officials to disclose their crypto holdings by June 2021
President Vladimir Putin has signed a decree requesting Russian officials to disclose their crypto investments by June 30, 2021. The government officials are to disclose data like the name of the digital asset, the date of acquisition, the total amount of held assets, as well as information about the issuer of an asset like the country of registration. This declaration must include information about cryptocurrency and tokens belonging to their spouses and minor children. According to the local news, the law provides legal status to crypto in Russia, but the law prohibits cryptos as a means of payment.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is still fluctuating between $17,600 and $18,600. The Fibonacci tool will hold if price breaks above the $18,600 high. Bitcoin will reclaim the previous high and resume the upside momentum. BTC will reach level 1.618 Fibonacci extension or the high $22,071.80.

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