Bitcoin Price Prediction for Today, December 16: BTC/USD Plummets Below $17k

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The Bitcoin value prediction reveals that BTC is as soon as once more falling under $17,000 and will lengthen the bearish motion to $16,000.

Bitcoin Prediction Statistics Data:

Bitcoin value now – $16,865
Bitcoin market cap – $324.5 billion
Bitcoin circulating provide – 19.2 million
Bitcoin complete provide – 19.2 million
Bitcoin Coinmarketcap rating – #1

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key ranges:

Resistance Levels: $20,000, $22,000, $24,000

Support Levels: $14,000, $12,000, $10,000

BTC/USD didn’t clear the resistance stage of $18,000 because the king coin corrected decrease. At the time of writing, the Bitcoin value is signaling bearish indicators and would possibly even begin a recent decline within the coming classes. However, if the bulls fail to guard the $17,000 help, there’s a threat of a serious decline. In the acknowledged state of affairs, the value might decline towards the $16,000 help zone within the close to time period.

Bitcoin Price Prediction: Bitcoin (BTC) Could Tumble Below $16,000

The Bitcoin value is hovering at $16,865 with an intraday lack of 2.84%. Looking on the day by day chart, the prevailing pattern is bearish with increasing volatility as the primary digital asset could consolidate in a bearish flag sample. Meanwhile, a breakdown under the 9-day and 21-day transferring averages is more likely to proceed within the route of the earlier pattern. In this case, BTC/USD is predicted to drop and cross under the decrease boundary of the channel to hit the crucial help ranges at $14,000, $12,000, and $10,000.

However, ought to the Bitcoin value return above the transferring averages; the value might rise towards the closest resistance at $18,000. An extra bullish drive might push the value to $20,000, $22,000, and $24,000 resistance ranges. The technical indicator Relative Strength Index (14) is revealing a bearish motion, which exhibits that the market could proceed to drop.

BTC/USD Medium-term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin value drops to the touch the help stage of $16,852 however could probably cross under the decrease boundary of the channel to extend the bearish motion. Meanwhile, ought to the value head to the draw back, it might hit the help stage of $16,000 and under.

BTCUSD – 4-Hour Chart

Moreover, if the bulls push the coin above the 9-day and 21-day transferring averages, the Bitcoin value might revisit the resistance stage of $18,000 and above. At the second, the market could proceed to comply with the downtrends or might expertise slight uptrends if the Relative Strength Index (14) crosses above the 40-level.

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