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Bitcoin (BTC) Price Analysis for December 16

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Sat, 16/12/2023 - 18:00
Bitcoin (BTC) Price Analysis for December 16
Cover image via www.tradingview.com

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The prices of most coins keep facing corrections, according to CoinStats.

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BTC chart by CoinStats

BTC/USD

The rate of Bitcoin (BTC) has risen by 0.4% over the last day.

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Image by TradingView

On the hourly chart, the price of BTC is trading near the local resistance level of $42,446. If buyers can hold the initiative, there is a possibility of a breakout followed by a move to the $42,700 zone.

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Image by TradingView

On the bigger time frame, neither buyers nor sellers are dominating as the rate is far from the support and resistance levels.

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All in all, ongoing sideways trading between $42,000 and $43,000 is the more likely scenario for the next days.

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Image by TradingView

On the weekly chart, bulls could not maintain the rise after the last bullish candle. If the bar fails to close above the $44,000 mark, traders may expect a correction to the $40,000 zone.

Bitcoin is trading at $42,317 at press time.

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