BTC Price Prediction: Today’s Bitcoin Price, 12th Dec 2022

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

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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