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 | $17,236.75 |
Bitcoin Price Prediction
Bitcoin price has forced traders to look at smaller time frames in order to predict where the peer-to-peer digital currency will go next. On the 2-hour chart, the November 8 upswing back above $17,000 broke oversold conditions on the Relative Strength Index (RS). The RSI is a technical indicator that is used to assess market participants’ strength and intentions.
The RSI’s entry into oversold territory is a good sign because it indicates bulls are still willing to take a risk in the market. Nonetheless, a bearish divergence between recent swings should be noted. On the RSI, the Monday high at $17,424.95 appears to be a weaker uptrend move than the recent Friday high at $17,199.
Bearish divergences are frequently the trigger for market reversals. If the market is truly bearish, a break below the 8-day exponential moving average at 17,010 could trigger a 5% drop into the $16,200 support zone.
If the market finds support from the 8-day EMA, a second attempt at the divergent highs could trigger a rally toward the $17,555 and $18,245 price zones.
The target zones are derived from a Fibonacci retracement tool that encompasses the entire November downtrend.
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