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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below $16,800 and is struggling to gain momentum on the lower timeframes. As speculated in our previous analyses, the price did fail to break above the $18K region convincingly and is moving downwards since that rejection. Right now, BTC is looking bearish on the lower timeframes and seems to be heading toward the bottom at $15,900 once again. The macro trend has also been bearish for months now and it is possible we could see a new bottom for Bitcoin in the coming weeks. Let’s take a quick look at the Bitcoin Price Prediction Daily (19-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 look at the latest 1-hour charts for Bitcoin, the first thing we can notice is that the price is now facing resistance at the $16,800 mark.
The $16,800 mark also acted as support previously and we can now expect the price to continue sideways movement under this region. On the other hand, the current support level we are watching for BTC on the lower timeframe is the $16,500 mark.
If Bitcoin retests this support in the coming hours and fails to hold it, our next target for BTC will be the $15,900 mark.
On the other hand, if the price manages to break above $16,800, the next level we will be targeting is the previous support at $17,300.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading below the $17K region and is looking quite bearish in the immediate short term. As speculated in our previous analyses, the price did struggle to break above the $18K zone and has faced strong rejection. If BTC fails to get back above $17,000 in the coming days, we can expect the price to retest the $15,900 mark. It is also likely that we will see a new bottom for BTC if the price drops to $15,900 once again.
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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