On November 8, when the price of Bitcoin fell beneath a crucial support level of $16,900, the Bitcoin market turned bearish. Because of the breach of the rising trendline, there is now more selling pressure on Bitcoin, which could cause it to fall as low as $16,500.

In order to comprehend the potential repercussions of this event, it is critical to take into account the market’s fundamentals.

Today Bitcoin Price

Bitcoin Price Prediction

The 24-hour trading volume for bitcoin is $21 billion, and the price is at $16,856. Today, the price of BTC and Ethereum, the second-place cryptocurrency, are both down little more than 1%.

The BTC/USD pair has fallen below the previous support level of $16,900, which is now functioning as resistance due to the strong US dollar. In this case, BTC might drop as low as $16,500, the next support level, or perhaps lower.

A bullish breakout over $16,900, on the other hand, might expose the BTC price to levels of $17,200 or $17,350.

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