BTC Gets Support From Two Angles And Returns To $17,000

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Bitcoin price sees tailwinds coming from stocks and a weaker US dollar. BTC could see the bearish sentiment being countered and even overtaken by the bulls. Expect to see $17,000 later this week in a slight upside.

Bitcoin (BTC) price was mostly trading sideways over the weekend as the bulls were able to keep the bears from touching the base again at $16,000. With the unofficial start of the final week of trading, BTC is seeing tailwinds coming from multiple angles as the bulls put a floor under the price action. Expect to see a slight uptick if this sentiment continues to fade throughout the week for the big cryptocurrency.

Bitcoin sees buying interest

Bitcoin price is supporting after a very quiet weekend where bears and bulls were fairly balanced. As the dust settled over the weekend after the most eventful week of 2022 in terms of central bankers, bulls have a chance to thrive in a much quieter market. After a very busy week, most central bankers will already be shopping for Christmas, so the real elements moving in the market should dwindle this week.

Bitcoin sees support and tailwinds coming from stocks in the green on Monday, while the US Dollar weakens significantly, flirting with last Friday’s highs in EUR/USD price action. These two elements trigger purchases of risky assets at all levels. If this sentiment persists, expect BTC to move higher towards $17,000 in the coming days.

BTC/USD daily chart

The downside risk comes from these two tailwinds that could easily turn into headwinds in the event of a sell-off. If stock markets start to sell off, it will go hand in hand with a stronger US Dollar, making it a double whammy of the downside pressures BTC is facing. A decline towards $16,400 would materialize, with a big follow-up risk towards $16,020 as a magnet driving prices lower.

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