The price of Bitcoin is now at $16,985, and the trading volume for the last 24 hours was $22 billion. Since yesterday, the price of bitcoin has seen a decline of more than 2.5%. During the Asian trading session, the price of bitcoin to US dollars (BTC/USD) was obtaining support around $17,250. This support was extended by the 50-day moving average. However, additional negative pressure caused a bearish crossing below $17,200, which led to a decline in the BTC/USD pair near $16,750.
The majority of leading technical indicators, including the relative strength index (RSI) and the moving average convergence divergence (MACD), are negative at the moment, which suggests that the price of Bitcoin may continue to decline.
The BTC/USD pair has also broken through an upward channel on the 4-hour timescale, which is expected to drive BTC towards the $16,775 support level, which is a double bottom.
Compiled by Coinbold