Bitcoin Price Prediction for Today, December 7: BTC Price Turns Down from a Recent High and Holds above $16.7K

Bitcoin’s Sideways Move Resumes as It Holds above $16.7K – December 7, 2022

Bitcoin’s (BTC) price stayed in the $17,297 resistance area for a week as it holds above $16.7K. The cryptocurrency has been trading in a constrained range between $16,800 and $17,400 for the past week. As the market entered the overbought zone, buyers were unable to maintain the bullish momentum.

Bitcoin Price Statistics Data:
•Bitcoin price now – $16,828.19
•Bitcoin market cap – $323,369,074,378
•Bitcoin circulating supply – 19,227,150.00 BTC
•Bitcoin total supply – $353,319,141,279
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

For a week, the biggest cryptocurrency traded in the overbought zone. The next resistance level for Bitcoin is $18,150, and buyers tried to push it on December 5 but were rejected. The coin rose to a peak of $17,436 before declining. The price of Bitcoin is currently circling above the 21-day line SMA after being driven by sellers to a low of $16,701 today.

On the downside, the BTC price will be forced to maintain its range-bound movement between the moving average lines if the present slide continues to remain above the 21-day line SMA. Buyers will try to raise the cryptocurrency above the 50-day SMA. In other words, buyers will try to break through the $17,297 and $18,150 resistance levels. If buyers move past these price points, Bitcoin will increase to values near $20,000 and $21,500. On the other hand, selling pressure will pick up again if the present slump continues and breaches below the 21-day line SMA. The price of BTC can fall as low as $15,588.

Bank of Russia Legalizes Crypto Miners from Selling Crypto to Russians

The legalization of cryptocurrency mining is supported by the Russian central bank, but only if miners sell their coins to non-Russian citizens. The Russian central bank continues to take a very unfavorable position against cryptocurrencies and has suggested that local miners be prohibited from selling coins to locals. A draft bill that was unveiled in mid-November 2022 had support from the Bank of Russia for the notion of allowing cryptocurrency mining in the country. However, the Russian central bank intends to restrict cryptocurrency sales by miners to overseas exchanges and non-Russian citizens. This article was published on December 7 by the neighborhood news source Interfax.

Bitcoin is currently trading above the 21-day line SMA as it holds above $16.7K. As it starts to rise again, the price of BTC has dropped to the oversold area of the market. Since Bitcoin is once again consolidating above the current support, the upward movement was constrained below the high of $16,900.

However, Bitcoin has dropped to a low of $16,700 and has started consolidating again above the recent support. Investors and traders will speculate on whether the decline has ended. Because of this, implementing Dash 2 Trade becomes essential. Dash 2 Trade aims to guide all trades to speculate more proficiently. This is because effective risk control parameters are necessary for building robust strategies for initiating winning trades. There is a D2T presale ongoing and time is running out. The presale dashboard launch is coming soon since the product dev is ahead of the schedule. So far, the presale has raised almost $9.5 million.

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