2 - 3 minute read
The price of Bitcoin (BTC) has seen a slight increase since yesterday, but over the past week, the price has fallen by 2.56%. According to local time frame analysis, BTC is currently in a period of sideways trading, with declining volume, and if bulls want to regain control, they need to push the price back up to the $16,800 mark and maintain it above.
On a larger chart, it appears that BTC may have found a local bottom at $16,572. However, the likelihood of a quick reversal is low, as there has not been enough energy accumulated yet. Instead, it is more probable that BTC will continue to trade in the range of $16,600-$16,800 for the next few days.
On a weekly time frame, the fall in price may continue, as bulls have been unable to maintain the price above the $18,000 mark. If the weekly candle closes without any long wicks, it is possible that the price of BTC could test the $16,000 zone by the end of the week. The low buying volume also suggests that bulls are not currently interested in the current price levels.
It is important for traders to carefully consider all of this information when making investment decisions. The fall in price over the past week and the current sideways trading pattern, combined with low buying volume, suggest that the market may not be favorable for bulls at the moment. However, the potential for a local bottom at $16,572 and the possibility of a narrow trading range in the short term
