How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around $16,700 and is struggling to gain momentum on the lower timeframes. The price is currently trading below the resistance at $16,800 and is looking bearish in the immediate short term. We did see BTC touch the $18,000 mark last week, but it faced strong rejection there and has been dropping since. The price has been struggling to break out of the $16K region since the last month and BTC has fallen into the same zone once again. Let’s take a quick look at the Bitcoin Price Prediction Today (19-Dec-2022) to see where the price is headed in the coming days.
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Analyzing the 1-day Timeframe
If we take a look at the latest 1-day charts for Bitcoin, the first thing we can notice is that the price is struggling to close daily candles above $16,800.
We can notice that the price did move above the line on a couple of occasions but was unable to close the candle above it. If Bitcoin manages to close a couple of candles above this level, we can expect the price to gain momentum once again.
The first target we will be eyeing in that scenario is the $17,400 mark. An area that has acted as resistance in the recent past as well.
The $17,400 mark has kept the price low in the past as well. It is likely we will again see some resistance here before Bitcoin retests the $18,000 zone.
However, things are looking bearish for Bitcoin right now. If the price faces another rejection around $16,800 in the short term, we can expect the price to drop to the $15,900 mark.
The $15,900 mark has significance because it has been acting as a strong support for Bitcoin for the past month. It is also the current bottom for BTC.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently looking bearish on the lower timeframe and could drop further in the coming days. The trading volume is low, and it will be interesting to see whether the bulls will try to push the price once again or not. Right now, we will be interested in placing a short trade on Bitcoin if it faces a strong rejection at around $16,800.
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