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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $17,000 mark and is struggling to gain momentum on the micro timeframes. The price has been trading above the resistance at $17,000 for the past two days but is not gaining any momentum and is struggling to flip it into support. It is crucial for Bitcoin to break out of the consolidation zone between $15,900 and $17,000 to invite more buyers. The longer the price says within this zone, the likelier it is to drop further. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (06-Dec-2022) to see where the price could be headed in the coming hours.
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Analyzing the Charts
If we take a quick look at the latest 30-minute charts for Bitcoin, we can notice that the price is struggling to hold $17,000 after facing rejection at $17,400. The momentum does not look strong, and Bitcoin is struggling to get a move on.
It is vital for Bitcoin to break above this temporary resistance at $17,400 in the coming hours and head toward our next target. The level we are watching next is the $18,000 mark which could also act as strong resistance in the short term.
On the other hand, if BTC drops below $17,000 once again and starts closing hourly candles there, bears will gain more momentum. It is also likely that Bitcoin will retest the support at $15,900 in the scenario.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $17,000 mark and is struggling to flip into resistance. If BTC fails to get above this level in the immediate short term, we will likely see it continue a sideways movement within the same consolidation. However, if it breaks above the next target we will be eyeing is the $18,000 mark. It will be interesting to see how the price reacts to that crucial resistance area.
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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