BTC price hits $17,000 as analysis warns of inbound Bitcoin 'risk events'

Bitcoin faces more than just FTX fallout in December, with macro data due and Mt. Gox payouts getting closer.< /p> Market Update

Bitcoin (BTC) briefly recovered to $17,000 on Nov. 30 as monthly close volatility loomed.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

Trader: $17,500 monthly close "most bullish result"

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD followed traders' expectations to sweep higher levels before consolidating.

Highs of $17,072 appeared on Bitstamp, with the pair still unable to reverse the highs to support them. As of this writing, Bitcoin is hovering around $16,900.

$17,000 marks a key range for the bulls to recover, Cointelegraph reported the day before, and until that happens the status quo remains.

“$BTC bulls want to hold 16,800k as the first countertrend S/R reversal. Going back below would represent a minor push,” the popular Cheds analyst summed up, revealing a short at the highs.

A few hours from the monthly close of the candle, markets were expecting volatility to return, with losses from the weekly close on November 27 having already been erased.

“We are looking for a monthly close above 17,500 (June low) for the most bullish outcome here,” fellow analyst Credible Crypto wrote in part of a Twitter update.< /p>

BTC/USD annotate...