How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the support at $16,400 and is still struggling to gain momentum on the lower timeframes. As highlighted in our previous analyses, the price has not made any significant moves in the past couple of weeks and has been stuck in the same zone. We are also approaching the end of the year, which is also why things are looking quieter for the crypto market. The trading volume is also dropping, and it will be interesting to see what direction BTC will take once the volumes start flowing again. Let’s take a quick look at the latest Bitcoin Price Prediction Today (29-Dec-2022) to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we look at the latest 1-hour charts for Bitcoin, we notice that the price is still facing resistance at the $17,000 mark.
The price has been consolidating between the $16,400 and $17,000 mark. If BTC was to lose the support at $16,400 in the short term, we could expect a sell-off towards the $15,900 mark.
The $15,900 has significance because it is the current bottom we need to watch out for Bitcoin.
We can also notice that the trading volume has been on the decline for the past couple of weeks. If the volume doesn’t go up in the short term, the price will remain stagnant.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has not moved much in the past couple of weeks and will likely remain stagnant till the end of the month. The trading volume is quite low at the moment, and we can expect more sideways movement. The support we are currently watching is the $16,400 mark, and if the price breaks below it, we can expect Bitcoin to retest the bottom at $15,900.
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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