The BTC/USD pair is currently trading sideways in a narrow range of $16,750 to $16,900. However, the breakdown of an upward trendline indicates that Bitcoin’s price forecast remains bearish.
Bitcoin’s price has dropped 75% this year from its previous high of $69,000. Several factors, including the demise of FTX and increased selling pressure from whales, may have contributed to these losses.
Today Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | 17,158.53 |
The price of bitcoin is currently $16,844, and daily transactions total $17 billion. Bitcoin’s price is largely stable today, with only a 0.20% increase from yesterday.
More losses are expected if Bitcoin prices remain below $16,900, a key technical resistance level. On the 4-hour period, the $16,900 level served as support and was extended by an upward trendline; however, the presence of Doji candles suggests that a downturn is developing.
On the downside, the next level of Bitcoin support is $16,500. If this barrier is breached, the price of BTC could fall much further, to $16,000 or $15,450.
If Bitcoin is unable to maintain its recent falling trend and instead shows a positive break above $17,000, a strong rally to at least $17,350 is expected. If the upward trend continues, the price of bitcoin could reach $17,650 or $18,000.
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