BTC Price Prediction: Today’s Bitcoin Price, 5th Dec 2022

Due to BTC’s inability to exit the constrained range of $16,850 to $17,250, the Sunday Bitcoin price prediction is still considered neutral. The long-term viability of holding any sizeable amount of the original cryptocurrency appears to have been abandoned by Bitcoin miners, who now appear to be selling off massive amounts of the cryptocurrency.

According to Sources, 10,000 BTC was lost by Bitcoin miners on December 1. This number is considerably less than the 2,569 units that miners introduced to the market and subsequently sold on November 26.

Today Bitcoin Price

Bitcoin Price Prediction

As of right now, the price of one bitcoin is $17,010, and $15 billion worth of it is traded every day. In the past 24 hours, the BTC/USD pair has increased by more than 0.10%. Additionally, over the last week, its value has climbed by about 2.75%.

The BTC/USD pair is currently trading sideways in a limited trading range of $16,800 to $17,250. It has struggled to break over $17,250.

The 23.6% Fibonacci retracement of Bitcoin’s price has been completed at $16,900, and closing candles below $16,950 may lead to further selling until the $16,750 resistance level is reached.

A break below this level will expose BTC to the $16,450 level, which is a 61.8% Fib extension, and further down, Bitcoin can aim for the $16,600 level, which is a 50% Fib extension.

On the other side, a bullish breach of the $17,250 resistance level might expose BTC to prices as high as 17,650 and $18,100.

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