How low can BTC go when bears take control?

Crypto daily report

Bitcoin Price 

Bitcoin’s current price is $16,702, and the 24-hour trading volume is $19 billion. The BTC/USD pair has gained nearly 0.20% in the last 24 hours, while CoinMarketCap currently ranks first with a live market cap of $321 billion.

Bitcoin Price & Tokenomics – Source: coinmarketcap

Despite a bearish breakout of the $16,550 to $16,800 trading range, Bitcoin has reverted to the $16,700 trading range. For the time being, Bitcoin’s immediate resistance remains at $16,800, and candle closings below this level continue to indicate the possibility of a bearish trend. 

On the downside, Bitcoin’s immediate support is at $16,250 or $16,100, and a bearish breakout of this level could expose BTC to $15,650.

Bitcoin Price Chart – Source: Tradingview

The MACD and RSI indicators show a mixed bias, with the RSI still in the selling zone and the MACD showing a bullish crossover into the buying zone. Finally, the closing of candles below the 50-day simple moving average indicates the possibility of a downtrend continuation.

Compiled by Coinbold

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