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

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.

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.

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