BTC Price Prediction: Today’s Bitcoin Price, 16th Nov 2022

Bitcoin Price Prediction

One bitcoin currently costs $16,333, and $42 BTC are traded every day. In the most recent day, Bitcoin increased by 0.66%. With a market value of $322 billion, bitcoin is now the most valued cryptocurrency. Up to a total of 21,000,000 BTC coins, there are currently 19,207,118 in use.

In order to retake the $18,000 level, Bitcoin has surged over the $16,000 support level. It is now consolidating within a constrained trading range, and any breakout will determine the direction of future price movement.

Bitcoin is consolidating in a wide trading range between $18,000 and $16,000, and the direction of the price will depend on a breakout. Bitcoin has stabilised at $18,100 after finishing a 38.2% Fibonacci retracement in the last four hours.

When the cost exceeds $18,100, a positive crossover occurs. The price of Bitcoin may be exposed at this level to the $19,350 61.8% Fibonacci level.

If it fails to surpass the 38.2% Fibonacci retracement line of $18.250, Bitcoin might drop below $15,965.

The 50-day moving average and RSI have not reached the buying zone, but the MACD, a leading technical indicator, has. BTC may drop more if the closing candles drop below $18,000; support lies between $16,000 and 15,850.