• Bitcoin has been struggling to make any progress over the last 24 hours, losing 1% of its value.
• BTC has been oscillating between $16,400 and $18,000 for multiple weeks, with the closest support line standing at $16,000.
• The trading volume of Bitcoin has decreased, indicating that bears are in control of the asset’s price.
The past year has been a challenging one for Bitcoin and many other major cryptocurrencies. Over the last 24 hours, Bitcoin has lost 1% of its value, indicating a period of consolidation in the market. For the past few weeks, the price of Bitcoin has been fluctuating between $16,400 and $18,000, unable to break out of this range. The closest support line for Bitcoin currently stands at $16,000.
The technical analysis of Bitcoin’s price action shows that the buying pressure has been decreasing, resulting in a lack of progress in the market. As Bitcoin has been unable to make any significant gains, sellers have taken advantage of the situation, pushing the price of the coin down. This has also been reflected in the decrease in trading volume as bears are taking control of the asset’s price. If the selling pressure continues to increase, Bitcoin could soon lose its crucial price level of $16,000.
At the time of writing, Bitcoin was trading at $16,550, close to the immediate support level of $16,000. To reverse its price action, Bitcoin needs to break above the overhead resistance of $16,900, which could then lead to further gains towards $17,400 and eventually an attempt to breach the $18,000 mark. Despite the current market conditions, Bitcoin is still down 76% from its all-time high, set in 2021.