Bitcoin price is showing sparse retaliation signals following November’s bearish onslaught. Key levels have been defined to determine whether or not BTC can return lost market value into the hands of its investors.
Bitcoin price struggles to rise
Bitcoin price has investors glued to the technicals as a tightening range persists following a lethal monthly decline. The bears slashed 16% of market value during November, producing a monthly settlement at $17,136. As the price consolidates beneath the newfound landmark, the technicals may hint at additional declines.
Bitcoin price currently auctions at $16,995. On smaller time frames, the bulls and bears are in a congestion zone that will likely resolve in an explosive move. Traders may want to apply caution as the daily candlesticks that have rallied higher are smaller than the previous retaliation attempts on Thursday, November 10th.
Furthermore, the largest candlestick and uptick in volume within the trend is still in the bear’s favor. If market conditions persist, a sweep of this year’s lows at $15,781 could occur and target the $14,900 region. The target zone is a liquidity level that has been auctioned since 2020.
Considering these factors, the call for a BTC Christmas rally may be immature at the time of writing. BTC price will need to hurdle and produce a consolidation above the 38.2% Fibonacci level at $17,556 to justify aiming for higher targets. The fib level is extracted from November’s swing high to swing low within the 16% decline.