Bitcoin’s current price is $16,643, and the 24-hour trading volume is $15 billion. The BTC/USD pair has lost nearly 1% in the last 24 hours. Bitcoin’s price has recovered to the $16,700 trading range after falling to the $16,300 level. For the time being, Bitcoin’s immediate resistance level is above $16,800, and any closing prices below this level may indicate a bearish trend.
Bitcoin’s immediate support level is $16,250 or $16,100; a bearish break of this level could expose BTC to $15,650.
According to the MACD and RSI indicators, there is currently a mixed bias in the market. The RSI is indicating that the market is oversold, while the MACD indicates that there may be upward momentum. These conflicting signals may make it difficult to predict the direction of the market trend.
Finally, the closure of candles below the 50-day simple moving average suggests that the downturn may continue.
Compiled by Coinbold