With volatility still mostly absent from Bitcoin markets, observers are keeping a careful eye on what may happen at this week's yearly closing.
chart pattern, the 2022 candle appears to be close to a bearish candle, indicating that sellers are in power.
Bitcoin's price is slowly declining from the $17,000 barrier level. BTC may continue to fall near the $16,000 support level. Bitcoin's price has failed to break through the $17,000 barrier level. BTC started a new fall below the $16,800 support level, moving into a bearish zone.
The price dropped below the $16,650 support level and the 100 hourly simple moving average. It has fallen as low as $16,465 and is now consolidating losses. The price is definitely trading below $16,700 and the 100 hourly simple moving average, indicating a bearish trend.
Bitcoin is now facing resistance at the $16,600 level. It is near to the 23.6% Fib retracement level of the fall from the swing high of $16,972 to the low of $16,465. On the hourly chart of the BTC/USD pair, there is also a key bearish trend pattern forming with resistance near $16,600.
On the upside, the 200 hourly SMA and the $16,800 zone present immediate resistance. It is close to the 61.8% Fib retracement level of the decline from the swing high of $16,972 to the low of $16,465. The main barrier is still about $17,000. A strong breakout above the $17,000 resistance level might signal the start of a steady recovery wave. The next significant barrier is at $17,200, beyond which the price will rise to the $17,500 resistance zone. Any more increases might trigger a move towards the $18,000 resistance level.
If bitcoin fails to break through the $16,800 barrier, it may fall further. On the downside, the $16,400 level provides immediate support. The next significant support level is $16,250. If the pair goes below the $16,250 support, it might approach the $16,000 level. Any more losses might bring the price up to $15,500.
According to Price Analysis, This BTC's market capitalization is estimated to be $319,001,699,729. The coin's 24-hour trading volume is around $16,257,443,738. The market capitalization of Bitcoin has fallen by 0.54%. During intraday trading, however, transaction volume increased by 0.47%.
KEY LEVELS :
RESISTANCE LEVEL : $16,800-$17,100
SUPPORT LEVEL : $16,300-$16,000
The slowdown in trading volume due to the Holiday season has caused the Bitcoin price to move sideways. This situation is set to change in early January, when market participants start active trading. Please share your valuable thoughts in the comment box below.
