Bitcoin Consolidates at $16K, Selling Pressure Mounts
• Bitcoin has been oscillating between $16,400 and $18,000 for the past few weeks, with the closest support level at $16,000.
• Over the last 24 hours, Bitcoin has lost 1% of its value, indicating a consolidated price action.
• If the selling pressure keeps mounting, BTC will soon lose its crucial price level of $16,000.
Bitcoin has been facing a difficult year, with the leading cryptocurrency losing a significant portion of its market value since its all-time high in 2021. Over the last 24 hours, Bitcoin lost 1% of its value, which points towards consolidated price action. BTC has not made much progress over the past week either, as the coin only lost 1.6% of its market value.
For multiple weeks, the coin has been oscillating between $16,400 and $18,000, with the closest support line for the coin standing at $16,000. This indicates that the price of Bitcoin has remained undecided for quite some time now, leading to sellers flooding the market, indicating that the coin is headed toward another round of depreciation. The trading volume of Bitcoin has also declined considerably, further reinforcing that bears were in charge of the asset’s price.
If the selling pressure keeps mounting, BTC will soon lose its crucial price level of $16,000. Currently, BTC is down 76% from its all-time high, secured in 2021. On the one-day chart, Bitcoin was priced at $16,550 at the time of writing, and was trading close to its immediate support level of $16,000.
The technical outlook for Bitcoin depicts mundane price action due to a decline in the buying strength on the one-day chart. Overhead resistance for Bitcoin is at $16,900; clearing this could help the crypto reach $17,400 and eventually attempt to breach $18,000. With the entire cryptocurrency market in a state of flux, investors should remain cautious and bear in mind that the prices can shift unexpectedly.