Search Inside Bitcoins

Bitcoin Price Prediction for Today, December 7: BTC/USD Slumps as Price Targets $16,500

Bitcoin Price Prediction for Today, December 7: BTC/USD Slumps as Price Targets $16,500
Bitcoin Price Prediction for Today, December 7: BTC/USD Slumps as Price Targets $16,500

Join Our Telegram channel to stay up to date on breaking news coverage

The Bitcoin price prediction shows that BTC is likely to fall again but buying interest could pick up if the price crosses above $17,000.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $16,793
  • Bitcoin market cap – $323.2 billion
  • Bitcoin circulating supply – 19.2 million
  • Bitcoin total supply – 19.2 million
  • Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $20,000, $22,000, $24,000

Support Levels: $14,000, $12,000, $10,000

During the European session today, BTC/USD begins the day with the opening price of $17,140, and it is now dropping below the 9-day moving average at the time of writing. However, the psychological barrier of $16,500 still serves as the first important support within the market, but a bullish move toward the upper boundary of the channel may likely push the price toward the resistance level of $18,000.

Bitcoin Price Prediction: Will Bitcoin (BTC) Drop More?

According to the daily chart, the Bitcoin price is likely to break below the 21-day moving average, which could increase the selling pressure. At the time of writing, BTC/USD is hovering at $16,793 and if this is cleared, the dips to $16,000 are likely to be bought, which means the overall bullish sentiments may prevail.

Moreover, if the price moves below the mentioned support, $15,000 could come into focus which served as support during the previous consolidation period while the critical supports lie at $14,000, $12,000, and $10,000. Looking at the upside, the first resistance may likely come at $17,500 if the king coin rebounded. Once this is done, $18,000 could come back into focus. Further bullish movement may hit the potential resistance levels at $20,000, $22,000, and $24,000 as the Relative Strength Index (14) moves below the 50-level.

BTC/USD Medium-term Trend: Bullish (4H Chart)

The 4-hour chart shows that the Bitcoin bears are still in play within the market keeping the Bitcoin price below the 9-day and 21-day moving averages. Although BTC/USD has not yet slipped below $16,000 as it’s still in the loop of making a bounce back.

BTCUSD – 4-Hour Chart

Nevertheless, the Bitcoin price remains below the moving averages at the time of writing, but the upward movement could push the price to the resistance of $17,500 and above while the immediate support lies at $16,200 and below. The Relative Strength Index (14) is moving in the same direction around the 40-level, which indicates sideways movement.

On that note, those who invest in Impact Token (IMPT) will be able to claim them from December 12, 2022. In order to do this, they will connect the wallets they used to buy the tokens initially, and the token will be dropped into their wallets. Also Uniswap, LBank, and Changelly Pro will list IMPT for trading, once the presale has been concluded. This environmentally friendly project is gaining traction and close to $15 million has been raised in the current IMPT presale.

However, 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.

Related

Dash 2 Trade - Crypto Analytics Platform

Our Rating

Dash 2 Trade
  • KYC Verified & Audited
  • Native Token D2T Featured in Cointelegraph
  • Now Listed on Bitmart, Gate.io, LBank & Uniswap
Dash 2 Trade

Join Our Telegram channel to stay up to date on breaking news coverage

Read next

X

FightOut Presale - Earn Crypto for Working Out

FightOut Presale - Earn Crypto for Working Out

FightOut Presale - Earn Crypto for Working Out

X