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Bitcoin (BTC) Price Analysis for December 15

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Thu, 15/12/2022 - 19:30
Bitcoin (BTC) Price Analysis for December 15
Cover image via www.tradingview.com

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The cryptocurrency is again under bears' pressure, according to the CoinMarketCap ranking.

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Top 10 coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has declined by almost 1% since yesterday.

BTC/USD chart by TradingView

On the hourly chart, the rate has broken the local support level at $17,572. If buyers cannot seize the initiative until the end of the day, the decline to the $17,100 zone can happen tomorrow.

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Thus, the selling volume is high, which means that sellers are not going to give up.

BTC/USD chart by TradingView

On the bigger time frame, the price of Bitcoin (BTC) started the fall after the false breakout of the resistance at $18,106. At the moment, one should pay attention to the support at $17,418. If the bar closes below it, the decrease may lead to the test of the zone around $17,000.

BTC/USD chart by TradingView

Analyzing the weekly chart, the price has tested the mirror level at $18,157. Until the rate is below $18,000, bears remain more powerful than bulls. In addition, the volume remains low, confirming buyers' weakness.

Bitcoin is trading at $17,467 at press time.

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