Bitcoin Price Analysis — December 2 (4-Hour Chart)

Following a mild bullish move yesterday, BTC touched the $59,000 resistance but failed to break above this crucial line for the third time in three days, indicating that this has become the critical level for bulls to clear to reinstate a bullish sentiment. The primary cryptocurrency briefly fell below the $56,000 pivot base yesterday but recorded a rebound to the $57,000 mark, just under my descending trendline. Interestingly trading volume appears to have picked up over the last few days, indicating that a bullish breakout might not be far off. The near-term price activity, as we head into the weekend, should determine where BTC goes next amid the prevailing FUD sentiment.

Meanwhile, my resistance levels are at $57,500, $58,000, and $59,000, and my key support levels are at $56,700, $56,000, and $55,000.

Total Market Capitalization: $2.60 trillion

Bitcoin Market Capitalization: $1.06 trillion

Bitcoin Dominance: 41%

Market Rank: #1