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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,700 mark and looking quite bearish on the lower timeframes. The price has failed to break above the resistance at $17,000 convincingly, and after struggling for a while, it has faced rejection. Right now, BTC is again trading within the consolidation zone between $15,900 and $17,000. The price has stuck within this region for weeks now, and the bulls are struggling to break out of it. The selling pressure is also not too high, which is why we have seen a lot of sideways movement from BTC in the past three weeks. Let’s take a quick look at the Bitcoin Price Prediction Daily (07-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 was struggling to break above the $17,400 mark and faced a rejection there on Monday.
After that rejection, the price struggled to flip the $17,000 mark into support and is trading below it at the moment. We can also notice a big red candle which indicates a sell-off on 1-hour and lower timeframes.
As the price is back within the consolidation zone, the next level we will be eyeing for BTC is $15,900. A retest of this major support is highly likely now.
It would be interesting to see whether the sideways movement will continue once the price drop to $15,900 or if BTC will keep losing momentum. If selling pressure increases and BTC keeps dropping, we can expect another sell-off for BTC.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $16,700 mark and is looking quite bearish on the micro timeframes. The price is now trading below $17,000 once again, and that is not a good sign for the bulls. Right now, we are expecting the price to retest the $15,900 mark in the short term. If that happens, it is likely Bitcoin will go down further and form a new bottom in the coming weeks.
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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