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 BTC coins and a circulating supply of 19,217,300 BTC coins.
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.
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