How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,800 mark and is currently consolidating below the $70K region. As mentioned in our previous analysis, Bitcoin is trying to reclaim the $16,800 mark as support and is aiming toward higher targets at around $17,400. The market is not really looking bullish at the moment, and the trading volume is also low. However, if BTC manages to flip the $16,800 mark into support, we can expect some positive movement tomorrow. Let’s take a quick look at the Bitcoin Price Prediction Today (21-Dec-2022) and see where the price could be headed next in the immediate short term.
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Analyzing the Lower Timeframes
If we take a look at the latest 30-minute charts for Bitcoin, we can notice that the price has already broken above the resistance at $16,800 and is trading comfortably above it.
The next level we are eyeing on the 30-minute charts right now is the $17,000 mark. As highlighted above, the $17K region is also crucial, and breaking above it could also boost the price on the higher timeframes.
If Bitcoin does manage to get above $17,000 on the 30-minute timeframe and closes multiple candles above it, we can expect the price to close the day above $16,800.
On the other hand, if the price loses this support and starts breaking down again, the next immediate level we will target for Bitcoin is the $16,400 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is trying to break above the resistance at $16,400 on the daily timeframe and is struggling at the moment. The price has broken above the resistance on lower timeframes, but it could also fall back before the day’s close. Right now, we will not be placing any short-term trade on Bitcoin and will be interested in a long position if Bitcoin manages to break above $16,800 on daily charts with high volume.
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