Bitcoin Technical Analysis Report | 12th-December-2022

BTC’s price range is adjusting in preparation for a possible lineup expansion. Meanwhile, altcoins like XMR, and AXS maintain their bullish momentum. The S&P 500 index dropped 3.37%, but a small positive factor for the crypto markets is that BTC has not followed the equities markets’ lower. This indicates that crypto traders are not worrying and dumping their positions with every downtick in equities. The range-bound action in Bitcoin suggests that traders are avoiding large bets before the Federal Reserve’s rate hike decision on Dec 14th.

At the time of writing, BTC was trading at $16,938.

Bitcoin Chart | 12th December 2022
Bitcoin (BTC) Chart

BTC continues to trade sideways in a narrow range from $16,700 to $17,400 since the start of this month. Last week, the asset was mostly trading above $17k, however, the bulls were not able to push the prices above the resistance of $17,500. Once it breaks and closes above the resistance then we can expect it to rally up to $22k. 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.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

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