Bitcoin Price Prediction Daily (20-Dec-2022) Targets for the Immediate Short-term

7:57 am, Tue, 20 December 22

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y

How is Bitcoin (BTC) Looking Today?

Bitcoin is currently trading around the $16,700 mark and is looking quite bearish on the lower timeframes. As highlighted in our previous analyses, the price is now trading below the $17K region and could drop further in the coming days. The price is currently trying to break above the resistance at $16,800 and is struggling to push through. The trading volume has also been on the lower side which is why the price has not moved much since Friday. Let’s take a quick look at the Bitcoin Price Prediction Daily (20-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 quick look at the latest 1-hour charts for Bitcoin we can notice that the price is currently trying to flip the $16,800 mark into support. If the price manages to get above this level, the next resistance we will be eyeing for BTC is the $17,400 mark.

As of now the price is still facing resistance around the $16,800 mark and is likely to reject it. Another strong rejection here could push the price towards the bottom around $15,900.

The $15,900 mark has significance because it is the support Bitcoin has been holding for over a month now. If the price retests it again and the trading volume keeps dropping, we can expect Bitcoin to form a new bottom in the coming weeks.

Also, if we switch to the 1-day timeframe, the drop in the trading volume is quite evident.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently going sideways on the lower timeframes and is struggling to break above the resistance at $16,800. Right now, we are expecting the price to face another rejection and drop further. A jump toward $17,400 is also on the cards but it looks like Bitcoin will retest the $15,900 mark once again. We will not be placing any short-term trades if the price continues to move sideways.

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