The BTC price is strong, meaning that cautious Bitcoin traders can outline targets above $17,500.
Bitcoin cooled volatility above $17,000 into the Dec. 5 Wall Street open as traders confirmed upside targets.
Traders are warming up to the potential for near-term upside in bitcoin prices.
Data from Cointelegraph Markets Pro and TradingView showed that the price of bitcoin held onto overnight gains, reaching three-week highs.
Some people were encouraged by the weekly close itself, which formed Bitcoin’s highest since the FTX scandal broke.
Now, traders are hoping that the price of Bitcoin will continue to rise, with various resistance zones in play.
“Slowly, but surely, Bitcoin is grinding upwards. Needs to crack $17.4-17.6K, but then we most likely continue quite fastly towards $19K,” Michaël van de Poppe, founder and CEO of trading firm Eight, wrote in an update on the day.
A new post offered a BTC/USD chart with relevant price levels that are of interest.
Crypto trader Titan marks $18,500 as a strong resistance area to watch, while a daily close above $17,167 would be “encouraging.”
“Are we leaving the range this week?” trader DoopieCash queried alongside a chart showing $17,552 as clinch level on daily timeframes.
Moustache remained optimistic and noted that the 12-hour chart indicated a classic bottoming pattern, known as an inverse head and shoulders, was “in full swing”.
The strength of the U.S. dollar is facing a tense week.
Eyes were meanwhile on United States equities as Asian markets had another strong day’s trading.
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Hong Kong’s Hang Seng was up 4.5% on the day, while the Shanghai Composite Index managed nearly 1.8%.
The U.S. dollar remained a focus within the macro picture, with the U.S. dollar index (DXY) near five-month lows in what could yet be a boon for Bitcoin.
Meanwhile, Sven Henrich, founder of NorthmanTrader, noted the continuing inverse correlation between DXY and the S&P 500.
One key chart that has been mentioned on Twitter in recent months is the directional correlation between the US dollar and the SPX stock market index. So far, it has been sitting at 95%.
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