How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,800 mark and is still going sideways on the lower timeframes. The price has not moved much in the last ten days and is hovering around the same area. Earlier this month, Bitcoin managed to retest the $18,000 mark but faced strong rejection there and has been stuck under $17K since. As long as the price is trading below $17,000, we can expect further downside movement for Bitcoin in the short term. Let’s take a quick look at the Bitcoin Price Prediction Today (27-Dec-2022) to see where the price could be headed next in the coming days.
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Analyzing the 1-Day Timeframe
If we take a look at the 1-day Timeframe, we can notice the recent daily candles that indicate that price has barely moved in the past week.
The resistance level we are watching for Bitcoin on this timeframe is the $17,000 region, and the current support level we are watching for it is the $16,400 mark. The price has been going back and forth between these levels for the past week.
We can also notice that the price is forming a higher low on the daily Timeframe which is a positive sign for Bitcoin. If the price was to break above the $17,000 mark in the coming hours and the next target we will be eyeing for Bitcoin is the $18,000 mark.
However, we will also be watching the $17,400 mark, and it has acted as resistance for Bitcoin in the recent past.
On the other hand, if the price loses the support at $16,400, the next area we will be eyeing is the major support zone at $15,900. It is also the current bottom for Bitcoin.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still trading below the $17K region and could go either way in the short term. The price has not moved much in the past week, and due to the holidays, the trading volume is also low. Right now, we will not be placing any short-term trades on Bitcoin and will wait for it to move out of the current zone. If the price does break below $16,400, we can expect a retest of the bottom at $15,900.
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