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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,800 mark and is struggling to gain momentum on the lower timeframes. The price is once again trading below the resistance at $17,000 and will likely stay below it in the next couple of days. Bitcoin has been trading within the same zone for weeks, and we have barely seen it gain momentum during this period. The macro trend is still bearish, and we can expect the price to drop further in the coming weeks. Let’s take a look at the latest Bitcoin Price Prediction Today (02-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 look at the latest 4-hour charts for Bitcoin, we can see that the price has struggled to break above $17,000 and seems to be dropping below it once again. It is now likely that BTC will retest the $15,900 mark soon.
We are also entering the weekend, so it is likely that Bitcoin will continue to drop within this consolidation zone in the coming days. Also, If Bitcoin somehow manages to break below $15,900, the next main level we will be targeting is $14,000.
On the other hand, if Bitcoin manages to get above $17,000 and closes the day above this level, we can expect some bullishness in the next week. The first immediate level we will be watching in that scenario is the $18,000 mark. It is an important region, and BTC could face strong resistance there as well.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below a crucial resistance level and could continue to move sideways in the coming days. If BTC closes the day below $17,000, we might not see much movement during the weekend. However, if it stays above, there is a chance that we will see another leg up by Monday. We will be treading lightly and won’t be placing any short-term trades at the moment.
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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