Bitcoin Price Prediction: BTC Stumbles As Investors Turn To This Coin That's Primed To Explode On Bitcoin ETF Approvals

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Bitcoin price tumbled 1.8% in the past 24 hours to trade at $43,201 at 5:52 a.m. EST as trading volume slumped 29% to $28.3 billion.

It continues to trade within the weekly supply zone, maintaining prospects for more gains. This is amid rising momentum and the fact that the bulls continue to show control. These are evident based on momentum indicators.

Bitcoin’s drop into the red came amid critical comments by JPMorgan CEO Jamie Dimon, who said he’d “close down” Bitcoin and crypto if he were the US government.

JUST IN: JPMorgan CEO Jamie Dimon says he would "close down" #Bitcoin & crypto if he were the government.

"The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance."pic.twitter.com/UMBzuYPb59

— Watcher.Guru (@WatcherGuru) December 6, 2023

Bitcoin Price Outlook As Weekly Supply Barrier Persists

BTC is overbought, but the upside potential remains alive, evidenced by the technical indicators. For starters, the Relative Strength Index (RSI) is northbound, showing momentum, and therefore buying pressure is still rising.

Further, the Awesome Oscillators (AO) indicator shows green histogram bars in the positive territory. With the volume of these bars growing, more buyers continue to flock to the BTC scene.

With this outlook, increased buying pressure could see Bitcoin price extend north, overcoming the midline of the supply zone at $43,860. A weekly candlestick close above this level would clear the path for a continuation of the primary trend, setting the tone for BTC to flip the supply barrier into a bullish breaker.

Further north, the gains could extend for Bitcoin price to tag the $50,000 psychological level, or higher, testing the $55,560 resistance level. In a highly ambitious case, the gains could extrapolate to the $66,098 range high, in a move that would constitute a 50% climb above current levels.

On the flip side, if the supply barrier holds as a resistance order block, Bitcoin price could face a rejection from it. The ensuing seller momentum could see Bitcoin price drop below the immediate support at the $40,000 psychological level, or worse, extend the fall to tag the $30,000 psychological level.

A decisive candlestick close below this level would invalidate the current bullish outlook.

On-chain Metric: GIOM

On-chain metric Global In/Out of the Money (GIOM) from IntoTheBlock shows that Bitcoin price faces rather strong resistance between $44,521 and 67,413.

Any efforts to push BTC past this supplier congestion zone would be countered by strong resistance from BTC addresses that bought approximately 1.87 million Bitcoin tokens at an average price of $53,308.

Nevertheless, the same metric also shows that at current rates, 88.40% of Bitcoin holders are sitting on unrealized profit. Meanwhile, only 9.57% are sitting on unrealized losses. With more BTC holders in profit, the effective sell pressure on Bitcoin price is bound to be low as more investors look to ride the ongoing trend.

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