BTC’s #BitcoinPrice May Test the $16.5K Level Again; How Low Will It Go?

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BTC’s #BitcoinPrice May Test the $16.5K Level Again; How Low Will It Go?

The price of Bitcoin (BTC) is slightly up at press time according to the crypto market tracking website, CoinMarketCap. Currently, BTC’s price is trading at $16,753.21, which is a 0.33% increase over the last 24 hours. The market leader’s price is still down 2.56% over the last 7 days.

BTC’s market dominance has dropped 0.32% over the last 24 hours, and currently stands at 39.73%. The 24-hour trading volume for Bitcoin is another off-chain metric that has declined over the past day. At press time, the 24-hour volume for BTC is approximately $11,784,572,436, which is a 54.12% decrease compared to the previous 24-hour cycle.

BTC’s #BitcoinPrice May Test the $16.5K Level Again; How Low Will It Go?

Daily chart for BTC/USDT Source: CoinMarketCap

BTC’s price is still trading below the 9-day and 20-day EMA lines after it attempted a recovery from the December 16, 2022 selloff yesterday. The daily RSI line is now sloped negatively towards oversold territory, and is positioned below the daily RSI SMA line. This is a bearish flag that indicates that BTC’s chart is more bearish than bullish currently.

In addition to the bearishness seen in the daily RSI indicator, the 9-day EMA line is also on the verge of crossing bearishly below the 20-day EMA line.

The crypto analyst, Daan Crypto Trades (@DaanCrypto), shared his take on the crypto market leader’s price. According to a tweet made by the analyst, if BTC breaks below $16.5k then BTC’s next price target will be the “next high volume node at $16.2k.”

The analyst added that if BTC’s price drops below the $16.2k level, then there is a good chance that its price will go down and test “the lows once more.”

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.


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