How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading below the $17,000 mark and is still struggling to gain momentum on the lower timeframes. BTC has not made a significant move since the mid of December as the price has been moving sideways for the past few weeks. The $17,000 region is acting as a strong resistance level for Bitcoin as the price has failed to break above it multiple times. The trading volume is also still low, which is why the bulls have not been able to push the price as of late. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (06-Jan-2022) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, the first thing we can notice is that the price has been going back and forth between $17,000 and $16,400 since December 16th.
We can also notice that the price has tried to break above the resistance multiple times but faced rejection. If BTC finally manages to get above $17,000 in the short term, we can expect the price to make a quick jump toward the $17,400 mark.
However, the main resistance Bitcoin will need to get above in the coming days is the $18K region. It was the area that acted as the bottom for most of 2022, and we can expect strong resistance there.
On the other hand, if the price rejects $17,000 once again and continues to drop, the support level we will be watching after $16,400 is the $15,900 mark.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin has not moved much in the past few weeks and is currently consolidating between $17K and $16.4K. The trading volume is also quite low, and the price is struggling to break above the $17,000 mark. Right now, we will be watching the price closely and will make a move only if BTC breaks above the resistance level convincingly. We are also entering the weekend, so the price will likely consolidate for a few more days.
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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