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Bitcoin (BTC) Price Analysis for December 29

Thu, 12/29/2022 - 14:38
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Denys Serhiichuk
Is Bitcoin (BTC) ready for sharp move yet?
Bitcoin (BTC) Price Analysis for December 29
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bears are not going to give up, based on the CoinMarketCap ranking.

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The price of Bitcoin (BTC) has slightly fallen by 0.24% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly chart, the price of Bitcoin (BTC) has broken the resistance at $16,576 against the increased volume, which means that bulls are back in the game.

Ethereum (ETH) Price Analysis for December 28

If the rate can hold above that mark until the end of the day, traders might expect to see the test of the $16,700 zone tomorrow.

BTC/USD chart by TradingView

Despite the forming bullish candle on the daily time frame, buyers have not accumulated enough power for continued growth yet. Currently, one should pay attention to the area of $16,800. If the price gets to it and fixes above, the rate of Bitcoin (BTC) might come back to $17,000.

BTC/USD chart by TradingView

A similar picture can be seen on the weekly chart as the price is far away from the key levels. Sellers are supposed to be more powerful than bulls to a certain extent, as the rate is located close to the $16,400 zone. If the breakout of it happens, there is a high possibility of seeing the test of the $16,000 mark soon.

Bitcoin is trading at $16,636 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at