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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $17,000 mark and is still going sideways on the lower timeframes. As mentioned in our previous analysis, the price has not really moved much since Friday, and Bitcoin is still trying to break above the $17,000 – $17,400 price zone. The trading volume is also dropping, and there is not enough momentum to push the price past the $17K region. On the other hand, the macro trend is still bearish, and we are still expecting Bitcoin to drop further in the coming months. Let’s take a quick look at the latest Bitcoin Price Prediction Today (12-Dec-2022) to see where the price could be headed next in the short term.
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Analyzing the Charts
If we take a look at the latest 1-day timeframe for Bitcoin, the first thing we can notice is that the price has been facing resistance at $17,400 for the past week.
We can also notice a rising wedge pattern, which we highlighted the previous week. The price is still trading within it, and we might see it play out in the next few days.
A rising wedge pattern is a bearish continuation pattern that indicates that bulls are losing steam. If this structure were to play out in the short term, the next level we would be targeting is the $15,900 mark.
The $15,900 region has significance because it is the area that has been acting as support since last month. It will be interesting to see how the price will react to it this time.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has not moved much in the past several days and is still trading close to the $17,000 mark. The bulls are struggling to get above the $17K region, and a strong rejection here is possible. If we don’t see an increase in volume in the next 2-3 days, we can expect Bitcoin to drop to $15,900 or even further. Right now, we will not be placing any short-term trades on Bitcoin and will wait for it to make a significant move.
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