How is Bitcoin (BTC) Looking Today?
Bitcoin is trading around the $16,600 mark and is struggling to gain momentum on the lower timeframes. As mentioned in our previous analyses, the price has been consolidating for over a week now and has barely shown any movement on the lower timeframes. Right now, the support level we are watching for Bitcoin is the $16,400 mark. The price has been holding this support nicely for several days now. A sell-off is likely if Bitcoin manages to break below this level in the short term. Let’s take a quick look at Bitcoin Price Prediction Daily (28-Dec-2022) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
The resistance zone we are watching for Bitcoin on the 1-hour charts is still the $17,000 mark. The price has been trying to get above this level for almost a couple of weeks now and is struggling to flip it into support.
The $17,000 region has been acting as strong resistance for Bitcoin, but if the price manages to flip into support, BTC will start gaining momentum once again. The next resistance to watch in that scenario will be the $17,400 mark. Breaking above $17,400 will invite more buyers, and we can see a real rally toward the $18K region once again.
On the other hand, if Bitcoin continues to struggle and breaks below $16,400 in the immediate short term. The next level we will be eyeing is the $15,900 mark.
The $15,900 mark is significant because it is where Bitcoin bottomed out this year, and we can expect it to hold strong in the short term.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has not moved much in the past ten days and is struggling to gain momentum on the lower timeframes. The trading volume is also low, and we can expect more sideways movement until the end of the month. However, it is also possible that the price could drop below $16,400 in the short term and move toward $15,900. Right now, we will not be placing any short-term trade on Bitcoin.
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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