The current Bitcoin price is $16,156, and the 24-hour trading volume is $31 billion. Bitcoin has fallen by over 2% in the last 24 hours.
CoinMarketCap now ranks first, with a live market cap of $310 billion. It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,213,406 BTC coins.
Bitcoin is gaining immediate technical support near the $15,850 level. The closing of candles above this level indicates the possibility of a bullish reversal. The formation of a tweezer’s bottom pattern above $15,850 indicates the possibility of a bullish reversal.
As a result, increased buying pressure may propel an uptrend until the resistance levels of $16,500 and $17,180 are reached. An additional breakout of the $17,180 level may open up more room for buying until the $18,650 level, which is extended by the 38.2% Fibonacci retracement level.
The RSI and MACD indicators remain in the sell zone, and the 50-day moving average is also indicating a sell trend below $16,500. As a result, a bearish breakout below a triple bottom pattern could expose the BTC price to the $14,475 territory.
Today, keep an eye on $15,850 as it is likely to act as a pivot point for Bitcoin.
Compiled by Coinbold