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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently hovering around the $16,800 mark and is struggling to break above it on the lower timeframes. As mentioned in our previous analysis, the price is trading slightly above the resistance level but is struggling to flip into support. Bitcoin has been struggling to break above the $17K region for over a month now and things still are not looking bullish in the short term. The price did break above this region temporarily a couple of weeks back but faced strong rejection around the $18,000 mark. Let’s take a quick look at the Bitcoin Price Prediction Daily (22-Dec-2022) to see where the price could be headed next in the coming weeks.
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Analyzing the 1-Week Charts
If we take a look at the latest 1-week charts for Bitcoin the first thing we can notice is that the crypto giant formed a new bottom around $15,900 and is currently trying to bounce back.
If we zoom in a little, we can notice that the price is bouncing but is facing resistance at the $17,400 mark.
However, the $17,400 mark is not the main level we are eyeing on this timeframe. Even if Bitcoin manages to get above it, we will likely see another lower high and downtrend will continue.
The level we need BTC to conquer on the 1-week timeframe is the $18,600 mark. It is the main zone of resistance at the moment, and it was also the previous bottom for Bitcoin that held the price up for months.
On the other hand, if Bitcoin faces another rejection and drops below the $15,900 mark. The next immediate level we will be eyeing on the weekly timeframe is the $14,000 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around $16,800 and is struggling to flip this resistance into support. On the weekly timeframe, Bitcoin is still moving within a downtrend and there aren’t any signs of a reversal at the moment. If the price continues to move this way, we can expect Bitcoin to touch the $14,000 mark soon. However, if BTC manages to reclaim the $18,600 mark in the coming month, we can expect the trend to change.
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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