Rally

Bitcoin

Million

Daily

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<ul>
 <li>After experiencing uncertainty for much of November, the price of Bitcoin started gaining momentum last week.</li>
 <li>Over the past seven months, the trajectory of Bitcoin’s price has been characterized by a slow but steady recovery, guided by a rising expanding channel model.</li>
 <li>The recovery of Bitcoin’s (BTC) price surpassing the $40,000 psychological level has led to noteworthy changes in the ecosystem, especially concerning the growth of active wallets.</li>
</ul>
<p><strong>Bitcoin’s price reached $42,000: Will the price of Bitcoin reach $50,000 in December?</strong></p>
<h2 id="strong-december-4th-current-bitcoin-price-chart-strong"><strong>December 4th Current Bitcoin Price Chart</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126523" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>After experiencing uncertainty for much of November, the price of Bitcoin started gaining momentum last week. The recovery, starting from a low of $35,682, increased by 17.12%, reaching the current trading price of $41,743. However, when looking at the technical charts, it is evident that this rise is still confined within an expanding channel model, which could significantly alter the upcoming trend.</p>
<p>Over the past seven months, the trajectory of Bitcoin’s price has been characterized by a slow but steady recovery, guided by a rising expanding channel model. Considering that this model repeatedly intersects two rising trend lines, its significant impact on market participants becomes apparent.</p>
<figure id="attachment_132171" aria-describedby="caption-attachment-132171" style="width: 100%" class="wp-caption alignnone"><a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/BTC-USD-1D-December-4.webp?quality=70&amp;ssl=1" rel="noopener noreferrer nofollow"><img loading="lazy" decoding="async" class=" td-modal-image wp-image-132171 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/BTC-USD-1D-December-4.webp?resize=696%2C301&amp;quality=70&amp;ssl=1" alt="BTC-USD-1D-December-4" width="696" height="301" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/BTC-USD-1D-December-4.webp?w=1809&amp;quality=70&amp;ssl=1 1809w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/BTC-USD-1D-December-4.webp?resize=300%2C130&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/BTC-USD-1D-December-4.webp?resize=1024%2C443&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/BTC-USD-1D-December-4.webp?resize=768%2C332&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/BTC-USD-1D-December-4.webp?resize=1536%2C665&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/BTC-USD-1D-December-4.webp?resize=150%2C65&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/BTC-USD-1D-December-4.webp?resize=696%2C301&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/BTC-USD-1D-December-4.webp?resize=1068%2C462&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/BTC-USD-1D-December-4.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-132171" class="wp-caption-text">
  BTC/USD Daily Chart
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</figure>
<p>In particular, on November 22nd, Bitcoin experienced a strong recovery reaching a 19-month high of $42,200 on the upper trend line, undergoing a reversal from the lower trend line. Historical observations of this model often indicate that reaching the upper trend line triggers increased selling pressure, leading to a return to the lower trend line.</p>
<p>However, it is essential to note that this model typically symbolizes increasing market uncertainty, as evidenced by significant price fluctuations within the model. Therefore, surpassing the upper trend line would be a more convincing indicator of a robust recovery, potentially driving the price up to $48,175 and possibly extending it to the $50,000 mark. The upward movement near the upper limit of the Bollinger Bands indicator, as seen on the chart, indicates the current dominance of buyers.</p>
<h2 id="strong-bitcoin-wallets-surpass-50-million-with-the-btc-price-rally-strong"><strong>Bitcoin Wallets Surpass 50 Million with the BTC Price Rally</strong></h2>
<p>The recovery of Bitcoin’s (BTC) price surpassing the psychological level of $40,000 has led to noteworthy changes in the ecosystem, especially concerning the growth of active wallets. Data from IntoTheBlock, a significant on-chain data provider, reveals a substantial increase in the number of Bitcoin wallets holding a balance. This growth, surpassing 50 million, represents an impressive 17% increase since the beginning of the year, emphasizing growing interest and participation in the Bitcoin network.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/december-4th-current-bitcoin-price-forecast-technical-indicators-and-on-chain-data/">December 4th Current Bitcoin Price Forecast: Technical Indicators and On-Chain Data!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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December 4th Current Bitcoin Price Forecast: Technical Indicators and On-Chain Data!

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