Bitcoin Price at $16,550: Will 2023 Restore Investor Confidence?

Bitcoin has been stuck around the $16973-$16465 range

over almost ten days. The sideways structure of BTC has halted the entire crypto market, with low volatility and volume - a horror for traders.

Bitcoin price analysis shows that the market remains reasonably constant, with Bitcoin trading in a narrow range between the key levels of $16,800 and $16,500. The bears and bulls have remained low in recent days, and Bitcoin seems to be stuck in a sideways trend for the near future.

According to Bitcoin price analysis, BTC is still trading below the $16,800 resistance level and is starting to show signs of weakness. For about a week, the bears have been pressuring the $16,400-$16,500 zone and have so far been able to maintain BTC below that level. As the bulls and bears remain inactive, Bitcoin has been consolidating around current levels.

Bitcoin's price is struggling to break through the $17,000 barrier. BTC is still vulnerable to further declines below the $16,000 support level before the end of the year. Bitcoin's price has accelerated below the $16,800 support level. BTC has even dropped below the $16,700 mark and the 100 hourly simple moving average.

The price has fallen as low as $16,465 and is now reversing losses. The price rose over the $16,500 and $16,550 resistance levels. The price rose above the 23.6% Fib retracement level of the recent drop from the swing high of $16,973 to the low of $16,465.

On the hourly chart of the BTC/USD pair, there was also a break over a connecting bearish trend line with resistance near $16,630. However, the price of bitcoin is currently trading below $16,700 and the 100 hourly simple moving average.

On the upside, an immediate resistance level is at $16,650. The first significant resistance is located at the $16,750 zone and the 200 hourly SMA. It relates to the 50% Fib retracement level of the recent fall from the swing high of $16,973 to the low of $16,45. The major breakout zone is still around $17,000. A strong breakthrough above the $17,000 barrier level might start a long-term uptrend. The next significant resistance is at $17,500, over which the price will move to the $18,000 resistance zone.

If bitcoin fails to break through the $16,700 barrier level, it may fall further. On the downside, an immediate support is at the $16,450 level, or the recent low. The next major support is at $16,250. A decisive break below the $16,250 support level might trigger a move towards the $16,000 level. Any further losses might push the price up to $15,500.

According to CoinGabbar Price Analysis, This BTC's market capitalization is estimated to be $319,624,736,824. The coin's 24-hour trading volume is around $13,835,986,073. The market capitalization of Bitcoin has risen by 0.19%. During intraday trading, however, transaction volume decreased by 14.83%.

KEY LEVELS :

RESISTANCE LEVEL : $16,800-$17,100

SUPPORT LEVEL : $16,300-$16,000

The recent low near $15,500 remains vulnerable as long as bitcoin falls below all of its daily moving averages. That level has held twice now, but can it hold as support again if tested? Can Bitcoin Survive a Breakout Rally? Please comment your thoughts in the section below.