Bitcoin (BTC) remains on the defensive despite a 4-percent recovery from nine-day lows today, Dec. 6, but bearish pressure may weaken if prices rise above key resistance near $3,900.
The probability of a drop to the recent low of $3,474 remains high while prices are trading below resistance near $3,900.
A break below $3,629 (daily low) will likely bring a speedy drop toward $3,474 (Nov. 25 low). A close below that would bolster the long-term bearish technicals and allow potential for a drop to psychological support at $3,000.
A falling wedge breakout on the hourly chart, if confirmed, would open up upside toward $4,265 (Dec. 2 high), above which major resistance is seen a $4,410 (Nov. 29 high).