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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading slightly below the $17,000 mark and is still going sideways on the lower timeframes. The price has not moved much since Friday and is still trading within the same zone between $17,000 and $17,400. The resistance level Bitcoin needs to beat right now is the $17,400 mark. If the price manages to get above this level in the immediate short term with decent volume, we can expect some bullishness for BTC. Let’s take a quick look at the Bitcoin Price Prediction Daily (12-Dec-2022) to see where the price could be headed next in the coming hours.
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Analyzing the Charts
If we take a look at the latest 1-hour charts, we can see that the price is struggling to break above the resistance at $17,400 and falls below $17,000 after every rejection.
It is likely that the price will not break above this level in the coming hours, and we will see BTC continue a down-trend on lower timeframes. Once we see BTC drop a little further, It is likely we will retest the support at $15,900, which has been holding as strong support for the past month.
Also, If we switch to the 1-day timeframe, we can notice that the trading volume is on a consistent decline. This could mean that the price will continue to consolidate, and we will see more sideways movement for Bitcoin in the short term.
Bitcoin has been struggling to gain momentum for weeks now, and there aren’t any signs that suggest we will see bullish movement in the immediate short term. A strong rejection at $17,000 could also confirm a retest of the support at $15,900.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $17,000 mark and is still struggling to break above it with decent volume. If the price fails to break above this resistance zone in the short term, we can expect a sell-off toward the $15,900 mark. Right now, we will not be placing any short-term trades on Bitcoin and will wait for it to make a significant move.
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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