• Coins
    • Bitcoin
    • Dogecoin
    • Ethereum
    • Litecoin
    • Ripple
    • Tron
    • NFT
  • Cryptonews
  • Blockchain
  • Metaverse
  • Regulation
  • Market Cap
What's Hot

Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

02/01/2023

Premier League Signs NFT Deal With This Ethereum-based Game

02/01/2023

Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

02/01/2023

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Trending
  • Why Bitcoin Could Emerge As Multi-Trillion Dollar Market
  • Premier League Signs NFT Deal With This Ethereum-based Game
  • Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’
  • Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?
  • US lawmakers renew request for answers from Silvergate on FTX: Report
  • Best Non-Fungible Token (NFTs) For Beginners; Start Your NFT Journey Today
  • Djed goes live on Mainnet, beginning a new era of stablecoins
  • Bitcoin Ready To Break Trough $24K, Vital Signs Provide Clues
Facebook Twitter Instagram
Center Crypto NewsCenter Crypto News
Demo
  • Coins
    1. Bitcoin
    2. Dogecoin
    3. Ethereum
    4. Litecoin
    5. Ripple
    6. Tron
    7. NFT
    8. View All

    Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

    02/01/2023

    Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

    02/01/2023

    Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?

    02/01/2023

    Bitcoin Ready To Break Trough $24K, Vital Signs Provide Clues

    02/01/2023

    Will DOGE reach $1 in 2023?

    01/31/2023

    Will Dogecoin (DOGE) break the long-term support of $0.05?

    12/19/2022

    Dogecoin surges 9%; Will DOGE outperform other altcoins?

    11/29/2022

    Dogecoin (DOGE) takes support from the 200 EMA curve!

    11/21/2022

    Total Ethereum Staked On Lido Finance Reaches New Milestone

    02/01/2023

    Ethereum Hovers Above $1,600, What’s The Next Move?

    01/26/2023

    Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

    01/25/2023

    Here’s What Might Have Triggered Ethereum’s Decline Below $1,600

    01/25/2023

    LTC is all set to surpass the $100 mark!

    01/31/2023

    Can Litecoin (LTC) surpass the $82 mark in the third attempt?

    01/12/2023

    Litecoin (LTC) outperforms its peers and showcases huge potential!

    01/04/2023

    Litecoin lacks a buying spree; Support remains relatively stronger

    12/08/2022

    SEC settles on security claim in LBRY case; community calls it a big win for crypto

    01/31/2023

    New Ripple president says her job is to continue to scale amid crypto winter

    01/27/2023

    Circle, Ripple reflect on Davos 2023

    01/26/2023

    Ripple, Binance impersonators target XRP holders via fake staking program

    01/25/2023

    Is it time for a long position in TRX?

    02/01/2023

    TRON spikes 5% today: Can TRX breakout continue?

    01/09/2023

    TRON is likely to regain its previous support of $0.06

    12/15/2022

    TRON (TRX) price plunge may be on the horizon

    12/08/2022

    Premier League Signs NFT Deal With This Ethereum-based Game

    02/01/2023

    Best Non-Fungible Token (NFTs) For Beginners; Start Your NFT Journey Today

    02/01/2023

    Amazon Likely to Unveil Its NFT Initiative This April 2023

    01/31/2023

    5 Best PFP NFTs Avatars To Look Out For In 2023

    01/23/2023

    Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

    02/01/2023

    Premier League Signs NFT Deal With This Ethereum-based Game

    02/01/2023

    Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

    02/01/2023

    Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?

    02/01/2023
  • Cryptonews

    ENS Domains can now be accessed via OVER’s Marketplace

    02/01/2023

    Orbeon Protocol, ApeCoin and Shiba Inu

    01/31/2023

    FlokiFi locker crosses $9 million in TVL

    01/30/2023

    NeuralNet Bot goes live on Tafabot

    01/27/2023

    dYdX Foundation postpones the initial release date of tokens to investors

    01/27/2023
  • Blockchain

    Djed goes live on Mainnet, beginning a new era of stablecoins

    02/01/2023

    Aave deploys V3 on Ethereum mainnet to mitigate user risk

    01/30/2023

    COTI makes an invaluable contribution to the boosting of Djed

    01/30/2023

    Moonbeam Foundation gets a new Kusama parachain lease

    01/27/2023

    Ethereum’s devs place shadow fork to back ETH withdrawals

    01/25/2023
  • Metaverse

    How AI can make the metaverse a more interactive space

    01/31/2023

    World’s Biggest Demo Drop in The Sandbox

    01/31/2023

    Irish Distillers Make Bold Move Into The Metaverse

    01/30/2023

    The metaverse is creating a new virtual marketplace for retail brands

    01/27/2023

    Here’s how the World Economic Forum leaps into the metaverse — Davos 2023

    01/27/2023
  • Regulation

    US lawmakers renew request for answers from Silvergate on FTX: Report

    02/01/2023

    Panama’s Supreme Court to rule on cryptocurrency legislation

    01/30/2023

    CFTC’s Johnson urges Congress to expand commission’s crypto oversight powers

    01/28/2023

    Genesis sues Roger Ver for $20M over unsettled crypto options trades

    01/26/2023

    NYDFS advises crypto firms not to commingle user and corporate funds in the event of insolvency

    01/24/2023
  • Market Cap
Center Crypto NewsCenter Crypto News
Home»Coins»Bitcoin»Bitcoin Price Bearish $16,900 But Indicators Point Otherwise
Bitcoin

Bitcoin Price Bearish $16,900 But Indicators Point Otherwise

By 01/07/2023No Comments0 Views
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email


The Bitcoin price has struggled below $17,000 for multiple weeks now, and it recently dipped below the $16,900 mark. This downward move on the Bitcoin chart could be attributed to the recent Federal Open Market Committee (FOMC) minutes.

The minutes of the meetings revealed that the Federal Reserve System would stick with higher interest rates for the foreseeable future.

This has evidently sent ripples through the market, causing participants to react negatively. The technical outlook of the asset has reflected a fall in accumulation, but indicators are still positive about the Bitcoin price over the upcoming trading sessions. From the daily chart, it can be inferred that BTC will make a recovery in the next trading sessions.

Bitcoin continues to hold itself steady above the $16,600 price mark. Currently, the price of the asset is consolidated, with major altcoins following the same price trajectory. Over the last 24 hours, BTC slipped 0.6%. The Bitcoin price at the moment is trading at a 76% discount from its all-time high of 2021. The market capitalization of Bitcoin decreased slightly, indicating that sellers outnumbered buyers at press time.

Bitcoin Price Analysis: One-Day Chart

Bitcoin was priced at $16,700 on the one-day chart | Source: BTCUSD on TradingView

BTC was trading at $16,700 at the time of writing. The coin recently lost the $16,800 support level; however, this is extremely short-term as BTC will soon initiate recovery on the chart.

A slight push from the buyers will help BTC propel itself above the $16,800 mark, which indicates that the overhead resistance for the coin stood at $16,900.

Clearing the $16,900 price mark will pave the way up to $17,000. On the other hand, if demand doesn’t show up immediately, BTC could retrace further to sit at $16,600 before it starts to move northward again. The amount of BTC traded in the last session declined to indicate slight bearishness.

Technical Analysis

Bitcoin Price
Bitcoin depicted a golden cross on the one-day chart | Source: BTCUSD on TradingView

Despite a fall in the number of buyers, the technical outlook has managed to remain positive for Bitcoin price. The Relative Strength Index noted a downtick, which indicated that buyers were slowly exiting the market. On the other hand, however, Bitcoin has displayed a positive sign on the daily chart.

The price of the asset was above the 20-Simple Moving Average line (SMA), which meant that buyers still had the upper hand in driving the price momentum in the market. Additionally, the 50-SMA (yellow) was below the 20-SMA (red) line; this is a golden cross, a pattern that is formed before the coin starts a rally.

Bitcoin Price
Bitcoin displayed a buy signal on the one-day chart | Source: BTCUSD on TradingView

In accordance with incoming bullish strength, Bitcoin price depicted a buy signal on the daily chart. The price momentum is indicated by the Moving Average Convergence Divergence, which showed green signal bars.

Related Reading: Ethereum Gains 4.5% in Weekly Timescale As Shanghai Upgrade Nears

These bars were buy signals, which also aligned with the idea that the price of the asset was about to go up. Bollinger Bands illustrate volatility and future fluctuations in price. The bands were heavily constricted, in a squeeze, indicating a sharp turn in price and possible trading opportunities for traders.

Featured Image From UnSplash, Charts From TradingView

Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

Related Posts

Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

02/01/2023

Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

02/01/2023

Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?

02/01/2023

Leave A Reply Cancel Reply

Top Posts
Bitcoin

Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

02/01/2023
Bitcoin

Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

02/01/2023
Bitcoin

Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?

02/01/2023

Subscribe to Updates

Get the latest Hot news from Center Crypto about Bitcoin, Altcoin, NFT, Market Updates Etc

Advertisement
Demo
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Top Insights

Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

02/01/2023

Premier League Signs NFT Deal With This Ethereum-based Game

02/01/2023

Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

02/01/2023
Get Informed

Subscribe to Updates

Get the latest Hot news from Center Crypto about Bitcoin, Altcoin, NFT, Market Updates Etc

© 2023 ThemeSphere. Designed by ThemeSphere.
  • Terms & Conditions
  • Contact
  • Privacy Policy
  • DMCA

Type above and press Enter to search. Press Esc to cancel.