The markets are constantly shrinking as the bears have strengthened their roots in the past few weeks. The fresh bearish action has slashed the market cap below $800 billion due to which the Bitcoin price and the other altcoins remain largely consolidated.
However, as per some speculations, the BTC price may find new bottoms in the coming few days ahead. Hence, the current bearish action is expected to intensify which may drag the price close to $15,000.
The BTC price continues to manifest a dull trade with dropped volumes and volatility. Despite a couple of bullish instances that occurred in the first few days of the week, the price moved lower suggesting the bearish trend prevail. Hence, considering the current trade set-up and the technical fractals, it may be assumed that star crypto may remain heavily consolidated for an extended period.
The BTC prices are consolidating within a narrow range, capped within the region just below $17000. The support here coincides with the November lows to become the most pivotal support levels to be held. Meanwhile, the buyers are constantly enhancing their grip but the sellers appear to have dominated the rally at the moment. Moreover, the Bollinger bands remain squeezed since the beginning of December due to which a massive price action may be expected in the coming days.
As mentioned earlier, a breakout below $16,500 levels may trigger a huge sell-off phase as the bear may have a target to form new lows around $15,500 or lower. From here, the bulls may conquer the rally and uplift the price beyond $17,000 or $18,500 initially and with higher volumes, may also surge high to hit $20,000. Else, the bearish scenario could be when the BTC price fails to rebound at $15,500 which may eventually find new lows somewhere in Q1 2023.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.