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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,700 mark and is looking quite bearish on the lower timeframes. As highlighted in our previous analyses, the price is now trading below the $17K region and could drop further in the coming days. The price is currently trying to break above the resistance at $16,800 and is struggling to push through. The trading volume has also been on the lower side which is why the price has not moved much since Friday. Let’s take a quick look at the Bitcoin Price Prediction Daily (20-Dec-2022) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a quick look at the latest 1-hour charts for Bitcoin we can notice that the price is currently trying to flip the $16,800 mark into support. If the price manages to get above this level, the next resistance we will be eyeing for BTC is the $17,400 mark.
As of now the price is still facing resistance around the $16,800 mark and is likely to reject it. Another strong rejection here could push the price towards the bottom around $15,900.
The $15,900 mark has significance because it is the support Bitcoin has been holding for over a month now. If the price retests it again and the trading volume keeps dropping, we can expect Bitcoin to form a new bottom in the coming weeks.
Also, if we switch to the 1-day timeframe, the drop in the trading volume is quite evident.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently going sideways on the lower timeframes and is struggling to break above the resistance at $16,800. Right now, we are expecting the price to face another rejection and drop further. A jump toward $17,400 is also on the cards but it looks like Bitcoin will retest the $15,900 mark once again. We will not be placing any short-term trades if the price continues to move sideways.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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