BTC Price Slumps below the $17.2K Barrier

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Bitcoin Trades in the Overbought Region as It Slumps below the $17.2K Barrier – December 6, 2022

Since November 30, the price of Bitcoin has fluctuated steadily above the $16,000 support as it slumps below the $17.2K barrier. Buyers have been unable to move past the $17,275 initial resistance. The BTC/USD has started moving in a range after declining the $16,000 support.

Bitcoin Price Statistics Data:•Bitcoin price now – $16,976.80•Bitcoin market cap – $326,407,777,173•Bitcoin circulating supply – 19,226,025.00 BTC•Bitcoin total supply – $356,464,784,044•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000 Support Levels: $25,000, $20,000, $15,000

Bitcoin’s (BTC) price is still unable to overcome the $17,275 barrier. Yesterday, buyers drove the price of the cryptocurrency to a high of $17,436 before pulling back. Given that Bitcoin trades in the overbought region of the market, an upward move is all but impossible. If the bulls manage to get past the $17,275 initial resistance, they might then run into another obstacle at the $18,150 high. On the plus side, the biggest cryptocurrency will return to its previous highs of $20,000 and $21,500 if BTC’s price surges above the current support. The BTC price is currently trapped in a range between the moving average lines. If the moving average lines are crossed, the largest cryptocurrency will trend.

Bitcoin May Fall as Low as $5,000, Predicts Standard Chartered’s Global Research Head and Chief Strategist

As the cryptocurrency ecosystem recovers from FTX’s demise, multinational bank Standard Chartered considers Bitcoin’s potential downside in 2023. According to the global research head and chief strategist at Standard Chartered, Bitcoin’s value could fall as low as $5,000 in 2023. In a note to investors released on December 4, the global bank’s Chief Strategist Eric Robertsen took into account the possibility that a decline in Bitcoin’s value would be correlated with a rise in the cost of actual Gold, as first reported by Bloomberg. Robertson outlined potential scenarios for 2023 that could result in interest rate decreases following increases in 2022, additional cryptocurrency sector bankruptcies, and unfavorable market sentiment.

BTC/USD – Daily Chart

However, since the recovery on November 30, the BTC price has remained constant above the $16,000 support as it slumps below the $17.2K barrier. As of now, Bitcoin has been rejected from the high of $17,436 and is slipping toward the $16,000 support. The current slide is also approaching the 21-day line SMA. A break below it will indicate that the downtrend has resumed.

However, after experiencing resistance at its most recent high, Bitcoin has started to face selling pressure again. If Bitcoin breaks below the $16,000 support or the 21-day line SMA, traders and investors might panic once more. Another cryptocurrency called Dash 2 Trade (D2T) eliminates the irrational buying and selling of Bitcoin. With the best crypto signals, Bot, and analytics platform available right now, Dash 2 Trade (D2T) enables you to trade successfully. It is now simple for all traders and investors to stay current on all cryptocurrency-related events thanks to our ground-breaking Dash 2 Trade platform. Because the platform helps you stay on top of your trading game, you won’t miss any important events. Because product development is moving ahead of schedule, the D2T presale dashboard will soon be accessible. The ongoing presale has so far raised close to $8.5 million.

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