The BTC/USD pair hit a support level at $16,900 on Tuesday. The $17,000 mark has so far provided formidable opposition. Before making a larger move to the upside, the price has to stabilize in this area for a few days.

Today Bitcoin Price

Bitcoin Price Prediction

The 24-hour trading volume for Bitcoin is $19 billion, and the price is at $17,002. Just over 1% of the market’s decline today is also experienced by the price of bitcoin.

The BTC/USD pair lost the majority of its gains after falling from the $17,385 level due to the strong US dollar. At $16,900, which is being stretched by an upward trendline that can be seen in the 4-hour timeframe, it is currently obtaining immediate support.

A bullish reversal is conceivable if BTC is able to consolidate over $17,000. A bullish breakout over this level may pave the way for fresh purchasing up to $17,650 or $18,000. On the upside, Bitcoin may encounter resistance at $17,385.

The selling trend may be extended to the $16,500 level on the downside if the $16,840 support level is broken.

Because of the strong correlation between the financial markets and the cryptocurrency market, if stocks suffer significantly, BTC might drop to $10,000. Given that the markets have so far held up well in the wake of the FTX crash, this is unlikely to occur very soon.

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