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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the support at $16,400 and is still going sideways on the lower timeframes. The price has been stuck within the same zone for the past couple of weeks, and bulls are struggling to push the price above the $17,000 mark. Right now, Bitcoin seems to be moving back and forth between the $16,400 and $17,000 mark. The trading volume is also dropping, and we might not see an improvement there until the end of the holidays. Let’s take a quick look at the Bitcoin Price Prediction Daily (30-Dec-2022) to see what we can expect from Bitcoin in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can notice that the price has been struggling to break above $17,000 since it faced strong rejection at $18,000 and fell off.
The trading volume for Bitcoin is also low at the moment, which is why we have not seen much movement in the past couple of weeks. Once volumes start to flow and Bitcoin still struggles to break above $17,000, we can expect the price to drop to the $15,900 mark.
The $15,900 is the current bottom for Bitcoin, and the price will likely find decent support around this level.
On the other hand, If Bitcoin does manage to get above $17,000 soon, the immediate target we will be eyeing is the $17,400 mark. The price has previously faced resistance around this region.
Conclusion: Final Verdict on Bitcoin (BTC)
The crypto market is looking quiet at the moment, and there is not much happening on the lower timeframes. Bitcoin is moving sideways on the lower timeframes and might not make a significant move until Monday. Right now, we will not be placing any trade on Bitcoin and will wait for it to move out of the current consolidation zone. The price will likely remain quiet over the weekend as well.
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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