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Bitcoin (BTC) Price Analysis for December 18


The cryptocurrency market is neither bullish nor bearish as some coins are in the green zone, while others remain in the red.

Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has slightly risen since yesterday. Over the last week, however, the price has fallen by 2.56%.

BTC/USD chart by TradingView

On the local time frame, Bitcoin (BTC) continues yesterday’s sideways trading, which is confirmed by declining volume. If bulls want to seize the initiative, they need to restore the rate to the $16,800 mark and fix it above.

BTC/USD chart by TradingView

On the bigger chart, Bitcoin (BTC) might have found a local bottom at $16,572. At the same time, the chance to see a fast reversal is low as not enough energy has been accumulated yet.

Respectively, the more likely scenario is trading in the range of $16,600-$16,800 for the next couple of days.

BTC/USD chart by TradingView

However, on the weekly time frame, the fall may continue as bulls have failed to fix the price above the $18,000 mark. If the candle closes with no long wicks, the price of Bitcoin (BTC) could test the $16,000 zone by the end of the week. In addition, the buying volume remains low, indicating bulls’ lack of interest in the current levels.

Bitcoin is trading at $16,714 at press time.



Read More: Bitcoin (BTC) Price Analysis for December 18

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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