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Bitcoin price analysis: BTC rejects $17,000 resistance, swift decline incoming?

Bitcoin Price Prediction 2022.14.11.

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD retested $17,000 resistance overnight.
  • Selling pressure returned over the second half of the day.

Bitcoin price analysis is bearish today as we have seen rejection from the $17,000 resistance and steady selling over the past hours. Likely selling will continue overnight, leading BTC/USD to break past the $16,000 support.

Bitcoin price analysis: BTC rejects $17,000 resistance, swift decline incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, lost 0.35 percent, while Ethereum gained 0.46 percent. Meanwhile, the rest of the market has seen slight decline.

Bitcoin price movement in the last 24 hours: Bitcoin sets lower local high

BTC/USD traded in a range of $15,872.94 to $17,109.32, indicating strong volatility over the last 24 hours. Trading volume has increased by 88.74 percent, totaling $47 billion, while the total market cap traded around $316.5 billion, resulting in a market dominance of 38.117 percent

BTC/USD 4-hour chart: BTC targets $16,000 again?

On the 4-hour chart, we can see Bitcoin price action rejecting from the $17,000 mark earlier today, likely leading BTC to test the $16,000 support overnight.

Bitcoin price analysis: BTC rejects $17,000 resistance, swift decline incoming?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen several days of decline last week resulting in a new swing low set at $15,600. From there, BTC/USD regained momentum, quickly retracing to $18,000 resistance.

Selling attempts followed over the weekend, slowly leading BTC back to the $16,000 support. However, break lower could not be made as reaction higher was seen back to $17,000 overnight.

Since then, Bitcoin price action has slowly started to move lower once more as another lower local high is set and selling pressure has returned. BTC/USD should target the $16,000 mark overnight, which, if broken, would open up the way for a lot more downside later in the week.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we have seen a lower local high set and a rejection candle formed at the $17,000 resistance earlier today. Therefore, BTC/USD should attempt o continue lower overnight and break below the $16,000 support.

While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.

 

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Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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