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BTCUSD Weekly Outlook and Bitcoin Fundamentals, 23rd December 2021

BTCUSD Forecast and Fundamentals for BTC


The bullish run of bitcoin may be running out of steam as India brokers such as IQ Option are uncertain about the bullish momentum as the price of the digital coin has not broken above the resistance levels on the higher timeframe. The bullish run since July had made about 136% profit to the ATH before losing about 40% to the Bears.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD Monthly Chart - 24th Dec 2021

Monthly Resistance Levels: 69000, 67000

Monthly Support Levels:   43290, 41000, 35059.

The cryptocurrency has not seen volatility in the market since the early start of December 2021. Since the price of BTC retested the resistance zones and got rejected, the market has been quiet for a while. We can see that as of May 2021, the Bears dominated the market by bringing down the price of the BTCUSD pair. The bearish scenario is playing out again because the zone is under the control of the Bears.

If the Bears can push down the price lower than the support zone of 41000, the Indian brokers will likely see the price of bitcoin drop lower to the 35059 level. However, the 41000 level will be a hard zone for the Bears because the Bulls also dominate the level. The zone was a stronghold for the Bulls as of 01 October 2021 when they broke the previous ATH of 01 April 2021.

Weekly Chart

Weekly Resistance Levels: 69001, 59251

Weekly Support Levels:  40750, 41966

BTCUSD weekly Chart - 24th Dec 2021

The weekly candle of last week could not retest the previous support level of 41966 that it created as of 29th November 2021. The bearish momentum was not strong to close lower than the zone. The cryptocurrency activities have been relatively calm for the past weeks and there is no active movement at the moment.

The Bulls may try to push back the price of the coin as the zone had a railway track where Bulls dominated the market as of 27 September 2021, and they had a long bullish run to the ATH of the bitcoin market. Indian brokers will have to wait for the confirmation of the market for safe investment. If the new week favors the long position traders, we shall see the cryptocurrencies move in the direction of the buyers and volatility will pick up in the market.


Daily Chart

Daily Resistance Levels:  57652.

Daily Support Levels:  41967. 

For over 15 trading days, the BTCUSD pair on the daily chart has been ranging. There have been low activities in the cryptocurrency market, this shows that there is an accumulation of contracts taking place in different quarters. High-profile individuals and institutions are acquiring BTC as two unknown wallets have transferred over $1.2 billion worth of BTC in transferring and receiving.

Some market participants are expecting some volatility in the market because of the breakout of the bitcoin above the 14-day trendline that was acting as a support to the price. The cryptocurrency has made about a 1.2% gain since the breakout.


Bullish Scenario:

The Bulls are showing momentum in their base as they try to dominate the current support level on the daily chart. If the momentum can be stronger, we shall see them push the price to the high of 57652 and a breakout will take the price higher.

Bearish Scenario:

The Bear’s dominance is not over as the weekly chart shows that the bears are still in control. The sellers need to take out the support zone of 41967 for them to continue in the bearish direction.

Bitcoin BTC News Events

About $180 million of BTC in FBI custody.

The Federal Bureau of Investigation is handling a case relating to Sony’s life who was charged with an embezzlement case. The FBI confiscated about $180 million in bitcoin according to a complaint about forfeiture. Some staff had stolen some amount of money from their subsidiaries. Rei Ishii stole about $155 million while working remotely earlier this year which prompted concern about the company’s oversight when it was supposed to transfer a significant amount to its Japanese account after acquiring other insurance companies.

Due to Sony Life’s negligence, Ishii was able to falsify some transactions and direct them to his Silvergate bank account in California. He bought bitcoins of 3,879 through his Coinbase wallet and made a transfer to a hard wallet to hide the owner’s identity. 

The FBI was able to recover the ill-gotten bitcoin and discover his tracks because of the corporation they got from Citibank and Japanese police and prosecutors.

The US Department of Justice has returned the stolen funds and the US Attorney (Rand Grossman) states that criminals should not rely on cryptocurrency for hiding stolen funds.

Conclusion and Projection

The Indian brokers need to be patient as they wait for the price to break out of the range on the BTCUSD daily time frame. The market needs strong volatility before we see definite answers to the questions some traders are asking.

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