BTC price levels to watch as Bitcoin holds $17K into the market open

Bitcoin (BTC) cooled volatility supra $17,000 into the Dec. 5 Wall Street unfastened arsenic traders confirmed upside targets.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Bitcoin traders lukewarm to near-term upside

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD arsenic it held overnight gains, having deed three-week highs.

The play adjacent itself was encouraging for some, forming Bitcoin’s highest since the FTX scandal broke.

Now, traders were hoping that upside would proceed toward $20,000, with assorted absorption zones successful play.

“Slowly, but surely, Bitcoin is grinding upwards. Needs to ace $17.4-17.6K, but past we astir apt proceed rather fastly towards $19K,” Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, wrote successful an update connected the day.

A further post offered a BTC/USD illustration with applicable terms levels of interest.

BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

Fellow trader Titan of Crypto flagged $18,500 arsenic a formidable absorption portion to watch, portion a regular adjacent supra $17,167 would beryllium “encouraging.”

“Are we leaving the scope this week?” trader DoopieCash queried alongside a illustration showing $17,552 arsenic clinch level connected regular timeframes.

BTC/USD annotated chart. Source: DoopieCash/ Twitter

A still-optimistic Moustache meantime pointed to a classical bottoming pattern, the inverse caput and shoulders, “in afloat swing” connected the 12-hour chart.

BTC/USD annotated chart. Source: Moustache/ Twitter

Dollar spot faces tense week

Eyes were meantime connected United States equities arsenic Asian markets had different beardown day's trading.

Related: ‘Imminent’ clang for stocks? 5 things to cognize successful Bitcoin this week

Hong Kong's Hang Seng was up 4.5% connected the day, portion the Shanghai Composite Index managed astir 1.8%.

The U.S. dollar remained a absorption wrong the macro picture, with the U.S. dollar scale (DXY) adjacent five-month lows successful what could yet beryllium a boon for Bitcoin. 

U.S. dollar scale (DXY) 1-hour candle chart. Source: TradingView

Sven Henrich, laminitis of NorthmanTrader, meantime noted the ongoing inverse correlation betwixt DXY and the S&P 500.

"A cardinal illustration to navigating markets successful past fewer months: The US dollar $SPX directional correlation. Still sitting astatine 95%," portion of Twitter comments mentioned connected the day.

U.S. dollar scale (DXY) vs. S&P 500 annotated chart. Source: Sven Henrich/ Twitter

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.