BTC Price Prediction: Today’s Bitcoin Price, 6th Dec 2022

The Bitcoin price prediction is still regarded as neutral because BTC has been unable to move beyond the restricted range of $16,850 to $17,250. Bitcoin miners, who now appear to be selling off massive amounts of the cryptocurrency, appear to have given up on the long-term viability of holding any sizable amount of the original cryptocurrency.

Bitcoin miners reportedly lost 10,000 BTC on December 1 according to sources. Compared to the 2,569 units that miners initially released and subsequently sold on November 26, this quantity is noticeably lower.

Today Bitcoin Price

Bitcoin Price Prediction

One bitcoin currently costs $17,010, and $15 billion worth of it is traded each day. The BTC/USD pair has increased by more than 0.10% over the last 24 hours. Additionally, its value increased by roughly 2.75% over the previous week.

Currently, the BTC/USD pair is moving sideways within a constrained price range of $16,800 to $17,250. It has had trouble crossing $17,250.

Bitcoin’s price has completed the 23.6% Fibonacci retracement at $16,900, and closing candles below $16,950 may trigger further selling until the $16,750 resistance level is attained.

BTC will be exposed to the $16,450 level, which is a 61.8% Fib extension, on a break below this level. Moving lower, Bitcoin can target the $16,600 level, which is a 50% Fib extension.

A bullish break through of the $17,250 resistance level on the other hand could expose BTC to prices as high as 17,650 and $18,100.

Also Read

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

Due to BTC's inability to exit the constrained range of $16,850 to...