Bitcoin Poised to Make History, But Reversal Risks Linger 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BTCUSD for DEC 5, 2024. 

BTCUSD Key Takeaways 

• Trump’s choice: Paul Atkins will serve as SEC Chairman, who is a staunch supporter of digital assets and fintech companies, and cryptocurrencies have therefore risen. In addition, US media said that Trump is considering replacing his nominee for Secretary of Defense with Florida Governor DeSantis. 

• Federal Reserve Chairman Powell: I don’t think there is any possibility of a “shadow Fed Chairman” (during Trump’s term); you can be cautious when looking for a neutral interest rate; St. Louis Fed Chairman Musallem: It may suspend interest rate cuts at the December meeting or later; Richmond Fed Chairman Barkin: Inflation and employment are both moving in the right direction, but both face risks; the latest Beige Book released by the Federal Reserve shows that economic activity in most parts of the United States has risen slightly in the near future. 

BTCUSD Technical Analysis 

BTCUSD Daily Chart Insights 

(BTCUSD Daily Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: The indicator once again sends a bullish signal above the 50 median line, but since the market has created a high point, the indicator has not effectively fallen back, beware of the market price and the indicator forming a top divergence pattern and continuing to fall. 

• Rebound is greater than reversal: After Bitcoin price hit a new high on November 22, the market price began to rise after touching the support level formed by the purple 15-day MA and the opening price of the order block (OB). Although the upward trend in the Asian session is strong, the current market price has only been adjusted for 12 days, and the possibility of breaking through the previous high is still reserved. 

BTCUSD 1-hour Chart Analysis 

(BTCUSD H1 Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: The indicator is about to enter the overbought area, and short selling cannot be reckless in the short term. At the same time, the indicator and the exchange rate have formed a divergent trend, and there is still a high risk of rising in the Asian session. 

• Upward channel: The MA group is entangled and amplified upward, and the short-term rise strength must be higher than the fall. However, it is worth noting that the market price temporarily broke through the previous high after forming a converging triangle, and the upper side is about to be blocked by the integer mark of 100,000 US dollars, which is also the upper edge of the upward channel. Pay attention to whether it can effectively stand above this resistance price today.  

BTCUSD Pivot Indicator 

(BTCUSD M30 Price Chart, Source: Ultima Markets APP) 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 97080, 

• Bullish Scenario: Bullish sentiment prevails above 97080, first target 100700, second target 101720; 

• Bearish Outlook: In a bearish scenario below 97080, first target 95370, second target 94350. 

Conclusion 

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.