Decrease to be confirmed – The daily close of the Bitcoin (BTC) price could confirm the loss of a support. What are the key levels to watch, if the bears manage to exert enough downside pressure in the coming days?
The price of Bitcoin in daily units: loss of support and the specter of $15,500?
Bitcoin price drops as low as $16,720 on Bitfinex today, December 7, 2022. Cryptocurrency is trading at $16,840 at the time of writing this article. Its price is currently recording a daily loss of around 1.50%.
The daily Bitcoin price chart shows that the cryptocurrency could now lose support at the 20-day exponential moving average at the $16,970 – in green in the graph below.
While some traders like Rekt Capital point the June low of this year at $17,611 as a possible resistance during this winterBitcoin price failed to even break through the hurdle at the 30-day exponential moving average at the $17,225 – red curve – despite the rises above $17,000 in recent days.
What would be the next levels to watch if today’s decline continues for the next few days? Bitcoin’s intraday low approached the 20-day simple moving average around the $16,653 – in blue.
As the chart above shows, this level served as support for Bitcoin on a daily basis, before the price of the cryptocurrency rebounded towards $17,000. When Bitcoin lost that $16,653, it then went down to the $15,500.
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The 5-Hour Bitcoin Price: A Clean Break and a Significant Decline
The 5-hour chart of Bitcoin price shows even more of a clear break of very short-term support. Support at the 30-period exponential moving average, at $16,941surrendered.
Referring to the chart above, this average has supported Bitcoin price in the past – blue circle – and crossing it clearly downwards or upwards – red circle – Bitcoin recorded relatively large decreases or increases.
Can the markets still hope for the $19,000 for Christmas, or should they rather expect a succession of significant declines? The next few days will show whether the bulls have the ability to regain control on a day-to-day basis, to allow Bitcoin to break through at least the resistances until at most June, when a sufficiently strong bullish bounce.
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