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Bitcoin Analysts Eyeing USD Weakness as BTC Price Struggles Against $17K

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bitcoin (BTCThe bulls tried to reclaim $17,000 in the Dec 4 weekly close as it looks like volatility will return to the market.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bollinger Bands ask for bitcoin price volatility

information from Cointelegraph Markets Pro And the TradingView Show BTC/USD crossed the $17,000 mark – a pivotal point throughout the weekend.

With the macro signs still emerging, Bitcoin looked for catalysts as signs of volatility crept into the lower time frames.

Among those eyeing a potential break with the status quo was famed trader Cheds, who pointed out The Bollinger Bands Volatility Indicator was flashing on the 4-hour chart.

Bollinger Bands signal that volatility is imminent soon, and on the day, the 4-hour chart’s bands are at their narrowest since November 27 – before BTC/USD surged $1,000.

4-hour BTC/USD candlestick chart (Bitstamp) with Bollinger Bands. Source: TradingView

Meanwhile, fellow crypto trader Tony remained cloaked Bitcoin price theory in the short term.

“There is simply no change over the past few days,” he said Tell Twitter followers.

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“We’re grinding more in the EQ/mid range, but I wouldn’t be surprised to see a fuse up for SFP modulation and dip back.”
Annotated BTC/USD chart. Source: Crypto Tony / Twitter

Previously, Crypto Tony Putting a mark $21,500 as a target should be his target if the bulls are to take control and change direction.

The US dollar index reverses the relief rebound

Meanwhile, the coming week seemed to be increasingly important for the US dollar and, accordingly, for the performance of risky assets.

Related: Bitcoin outflow has reached its highest level in 6 months, in a new threat to the price of bitcoin

already in lowest levels in five monthsThe US Dollar Index (DXY) definitely looked bleak at the end of last week’s trading.

A rebound to 105.6 on Dec 2 almost completely reversed on the day, with DXY ending at 104.5.

For technical analyst Gert van Lagen, it was all part of the plan, with DXY’s bearish signals showing even in November.

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“Continued rapid decline would be normal here.” Wrote In an analysis on November 23 that he returned for the weekend.

US Dollar Index (DXY) candlestick chart. Source: TradingView

“The correction continues,” Stockmoney Lizards trading resource added About DXY performance.

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.