The BTC/USD pair is now trading sideways, with a small range of $16,750 to $16,900. However, a breakdown of an upward trendline means that the price prognosis for Bitcoin is still bearish.

Bitcoin’s price has decreased 75% from its previous high of $69,000 this year. Numerous causes, including the demise of FTX and increased selling pressure from whales lowering their influx levels, may have contributed to these losses.

Today Bitcoin Price

Bitcoin Price Prediction

The price of bitcoin is at $16,844 and there are $17 billion worth of transactions every day. With barely a 0.20% increase from yesterday, the price of bitcoin is largely steady today.

More losses are anticipated to occur if Bitcoin prices linger below $16,900, a key technical resistance mark. The $16,900 level served as support on the 4-hour period and was extended by an upward trendline; however, the presence of Doji candles suggests that a downturn may be developing.

On the downside, the next level of support for Bitcoin is $16,500. The price of BTC may drop much further, to $16,000 or $15,450, if this barrier is crossed.

A solid rally to at least $17,350 is anticipated if Bitcoin is unable to maintain its recent falling trend and instead shows a positive break over $17,000. The price of bitcoin may hit $17,650 or $18,000 if the upward trend holds.

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