BTC trading on Dec 14th was very volatile, and its price traded in a tight range between $16,693.67 and $16,815.39. However, at around 12 midnight, BTC saw a sudden bullish move in price, lifting it from lows of $16,693.67 to highs of $16,815.39. This impulse continued from midnight. On the morning of December 19th, Bitcoin continued to oscillate between the red and green charts. Long-term (LTH) holders resist the temptation to sell even though Bitcoin is down more than 70% from its recent all-time high. At the same time, short-term speculators are feeling a sharp pain from the recent price movement. BTC’s market dominance is at 39.85%.
At the time of writing, BTC was trading at $16,712.
BTC after making the low of $15,476 started consolidating in a range between $17,250 and $16,000. The asset gave a breakout on the upside after the CPI data was released by the US government and made a high of $18,387. However, the bulls failed to manage their grip on the asset and it witnessed profit booking at higher levels and the prices dropped to $16,527. The longer upper shadow indicates that bears are selling around $18k levels. Bitcoin has strong support around $15,500 (recent low of $15,476). If it breaks the support, we can expect it to fall further and test the next support, which is around $12k whereas to witness a rally, it needs to break and sustain above $18k.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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