Bitcoin Price Prediction – Was $15,500 the Bottom?

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The current Bitcoin price is $16,542, and the 24-hour trading volume is $19 billion. Bitcoin is mostly unchanged in the last 24 hours, tossing in profits and losses which are not significant. 

CoinMarketCap currently ranks first, with a live market cap of $317 billion. It has a maximum supply of 21,000,000 coins and a circulating supply of 19,217,300 BTC coins.

1669563592 91 Bitcoin Price Prediction – Was 15500 the Bottom
Bitcoin Price & Tokenomics – Source: coinmarketcap

On Weekend, the BTC/USD is trading choppy, with a narrow trading range of $16,300 to $16,800. In order to forecast future trends, Bitcoin must first break through the previously mentioned trading range.

In the 4-hour timeframe, the BTC/USD pair is currently holding above the 23.6% Fibonacci retracement level of $16,400, and a breakout of this level can determine the next trading range.

If Bitcoin breaks below the 23.6% Fib level, it will be exposed to the 38.2% Fib level of $16,275 and the 61.8% Fib level of $15,900.

1669563592 718 Bitcoin Price Prediction – Was 15500 the Bottom
Bitcoin Price Chart – Source: Tradingview

Leading technical indicators, such as the RSI and MACD, are oscillating between buying and selling ranges, indicating investor indecision. 

The 50-day moving average, on the other hand, is keeping the BTC supported near $16,450, indicating a high likelihood of an uptrend continuation.

If buyers enter the market, a bullish breakout of the $16,785 level could send BTC to $17,000 and even higher to 17,850. 

Compiled by Coinbold

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