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Bitcoin course hopes for “Christmas upswing” thanks to weak dollar

 


Is the "Christmas boom" coming?

Bitcoin price has been mostly floating between $16,800 and $17,000 on Friday, according to data from Cointelegraph Markets Pro and TradingView .


The analysts have identified the lower mark as important support that needs to be held, but the stock market could possibly put a spanner in the works with this successful weekly close with its current weakness.


Trader Nunya Bizniz sees the S&P 500 as facing an imminent "decision" that could impact other markets on a price pattern that suggests a local top.


This could put the correlation between the Bitcoin price and the stock market to the test, but this has decreased noticeably since the FTX collapse.


Meanwhile, the US dollar -- which in turn is inversely correlated -- is not a threat as the US Dollar Index (DXY) recently hit a five-month low.


In the meantime, the DXY was only at 104.37 points before it was able to jump back over 105 points at the start of trading on Wall Street.


That's why crypto analyst Pumpcat almost eyed the six-month close at the end of December as the next important clue.


"I think the probability of a longer-term correction is high," as the expert predicts accordingly .


The trader Cold Blooded Shiller, on the other hand, considers a “Christmas upswing” to be conceivable , provided that the economic data and the next steps of the US central bank “use” the through ball of the weak DXY and Bitcoin miss a boost.


"Markets are at a crucial juncture as while the DXY is in free fall, the stock market is poised to jump above a key trendline that has been a hurdle until now," the analyst tweeted in a separate tweet added .


$19,500 mark remains an important hurdle

The analyst Rekt Capital, on the other hand, sticks to his forecast that the Bitcoin price will currently end at 19,500 US dollars at the latest .


Possibly a reasonable assessment, as BTC ended November down 16.2%, with the FTX debacle largely responsible for this.


“BTC has lost $19,500 as support but has yet to form new resistance,” the trader said. And further:


“Technically, bitcoin price could now rally to $19,500 and form new resistance here. That would be a confirmation like in a picture book. It can, but doesn't have to."

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