While Litecoin, Binance coin, Dogecoin, and other top coins have jumped to a new weekly high, Bitcoin has remained calm as the price continues to trade flat. The continuous drop in its dominance has transitional enhanced volatility flow into altcoins.
This week, Bitcoin quickly recovered from the low of $15476 following a 7% price cut. It has shown a sign of weakness as the price continues to consolidate on the 4-hour chart. The choppy price actions indicate a lack of interest in the market.
Bitcoin’s volatility is extremely low at the moment. The current market behavior is common with the leading coin, especially when a shockwave is around the corner. From a technical standpoint, the crypto calms for altcoins to swing before it decides on the next direction.
We can see that it is yet to make a significant swing since the price recently collapsed to around $15700 on average. But as it stands now, the bears seem to have taken a break.
In the heat of the break, there’s a chance for the bulls to regain control. But looking at the setups, they appeared not to show much interest. This consolidation phase reveals that the price is at equilibrium. There’s a need for an imbalance to keep the market trending.
The current structure of the market still looks so bearish on the weekly and monthly charts. If we can close this month above $17000, we could see a short-term gain to $20000 before the end of the year. However, a close below $15000 would signal the long bearish continuation.
Bitcoin Price Analysis (BTCUSDT): 4-Hour Chart
Bitcoin’s price continued to struggle below the $17000 level for the past few days. If BTC successfully overcomes this level, the $17182 and $17632 levels would be the next resistance to watch. There’s also a resistance level at $18186 in case of an increase.
Inversely, the closest support is $16000, followed by $15476 (the current two-year low) before it dips to $15000 and perhaps $14000 in the future.
Key Resistance Levels: $17,182, $17,632, $18,186
Key Support Levels: $16,000, $15,000, $14000
- Spot Price: $16,600
- Trend: Neutral – Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.