• Bitcoin price is currently consolidating above the $16,000 level of support but under the $17,000 ceiling.
• Buyers have worked hard to break the present range-bound move, but the rise on December 14 repulsed their efforts.
• If the bearish momentum remains below the $16,500 support, selling pressure could reappear.
The cryptocurrency market is eagerly awaiting today’s Bitcoin (BTC) price predictions. As of December 30, 2022, the BTC/USD price is set as a price rebound or collapse is imminent. The price of Bitcoin has remained relatively stable above the $16,000 support level, but buyers have been unsuccessful in breaking the $17,000 resistance level.
Analysts are closely watching the price action, as doji candlesticks have typified the price movement. Doji candles are indicative of indecision in the market, as buyers and sellers battle for control of the market. If the bearish momentum remains below the $16,500 support, selling pressure could reappear.
At the time of writing, Bitcoin is trading at $16,591.79, with a market cap of $319,446,452,082. The circulating supply is 19,247,693 BTC and the total supply is $348,555,802,782. Bitcoin is currently ranked #1 on Coinmarketcap.
Analysts have identified the key resistance and support levels of Bitcoin. Resistance levels are at $50,000, $55,000, and $60,000. The support levels are at $25,000, $20,000, and $15,000.
The cryptocurrency market is closely monitoring the price action of Bitcoin, as a price rebound or collapse is imminent. By looking at the current market conditions and the key resistance and support levels, analysts are predicting a rebound or collapse depending on the strength of buyers and sellers. If buyers can break the $17,000 resistance level, the price of Bitcoin could rise in 2021. On the other hand, if sellers break the $16,500 support level, a price collapse could be imminent.