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How is Bitcoin (BTC) Looking Today?
Bitcoin is still trading around the $16,800 mark and is struggling to move out of this zone since last Friday. As mentioned in our previous analyses, the macro trend for BTC is still bearish and the bulls are having a hard time sustaining any sort of momentum. We did see Bitcoin reject the $18,000 mark recently and if it continues to trade below the $17K region we can expect further downside movement in the coming days. The trading volume is also dropping, and things have gone quiet once again for BTC. Let’s take a quick look at the Bitcoin Price Prediction Daily (23-Dec-2022) to see where the price could be headed 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, we can notice that the price has been trying to break above the $16,800 mark but is struggling to push through. The next target we are eyeing for Bitcoin is the $17,400 mark but BTC is failing to get above $17K.
As mentioned above the resistance zone is between $16,800 and $17,000 and if Bitcoin fails to get above it, we can expect the price to drop to $16,400 in the immediate short term.
However, If the rejection does happen around the $16,800 mark not only the price will drop to $16,400 but will also break below it in the short term. The level we will be eyeing in that scenario is the bottom at $15,900.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has not moved much this week and is still stuck around the resistance at $16,800. If we do not see the price get above the $17K region in the next few days, we can expect Bitcoin to retest the bottom support at $15,900. It is also likely that the price could break below $15,900 in the next couple of weeks and we will see a new bottom for Bitcoin. Right now, we will not be placing any short-term trades on BTC.
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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