$BTC 12 December 5th Trend Analysis - Closing price is 89,358 USD 👇👇
🚀 First, some good news from 🇺🇸 regulation: #CFTC has approved new rules allowing regulated U.S. exchanges to list spot trading of cryptocurrencies like BTC and ETH. For the market, this is a step forward in compliance and mainstream adoption, benefiting depth and stability in the medium to long term. It is expected to attract more institutional funds.
☕ On December 5th, the daily closing price fell from the previous day's 92K to about 89K USD, with a daily drop of nearly 3%. The daily price has broken below the 7-day, 25-day, and 99-day moving averages, and there is still a significant distance from the 200-day moving average. The hourly chart shows short-term weakness, with price rebounds being hindered by the moving average above 90K, RSI close to 37, and MACD below the zero axis with the histogram turning negative, indicating continued bearish momentum in the short term.
👀 Short-term outlook: Overall, the rebound in the past two to three days has failed to stabilize above the 91K-92K resistance level, and the trend remains biased towards a downward fluctuation. If the 87K-88K area support holds, the target can look at 90K-91K.
Have a great weekend! ✨
Note: The cryptocurrency market is highly volatile, and predictions are not guaranteed to be accurate. The above analysis is for reference only and does not constitute investment advice.
