It is being expected that the price prediction for Bitcoin (BTC) may move to the bullish side on December 29. Investors are eager to see if Bitcoin will finally start moving in the bullish direction.
Bitcoin is moving in the Upward Direction
After the price of BTC surged over the $17k barrier a few days back, the bears actively sold the asset to pull it lower.
Bitcoin price came down to the verge of hitting the $16,000 level. However, the recent trading sessions are supporting the bullish sentiments.
The data shows that the trading price of BTC has moved in the upward direction as it is supporting the upward trendline.
The graph shows that the price of Bitcoin is on the right track to move up to a high of $16,600.
For now, the price of BTC has consolidated at the $16,550 level. This is because the investors have decided to stop investing until they get to see the data for the US jobless claims.
If the US jobless claims data support the downward movement of the inflation rates, the Feds may lower the interest rate hikes.
This would eventually pull the dollar price lower, giving room for the cryptocurrencies to surge. This will eventually help Bitcoin move to higher grounds recording higher gains in the upcoming days.
Current Price Movement of Bitcoin
At the time of writing, the trading price of Bitcoin is at a high of $16,564 but this is not the end of the rally. The bulls are determined to push the trading price of Bitcoin higher.
The trading volume recorded for Bitcoin in the past 24-hours is more than $15 billion. A few days back, the bears had tried their best to pull Bitcoin’s price to a low of $16,000.
However, they had a major obstacle in the form of a strong support level of $16,460. Although the bears did their best to build up a lot of selling pressure to move the bulls the buyers did not budge.
The bulls were not in the mood of letting the bears pass and they kept pushing back with strong buying power. They were finally able to push the trading price of Bitcoin to a higher level than it is at the moment.
Bitcoin Price May Get Pulled
It is worth mentioning that while trading, Bitcoin’s graph has ended up making a Doji candle pattern. This means that as the price of Bitcoin is rising, it is also indicating a major pullback in the price of the asset.
For now, the bulls seem determined to keep pushing Bitcoin higher. They are currently targeting the first major resistance level, which is currently at $16,750.
There is a great chance that the trading price of Bitcoin may start dipping as the bulls manage to push it up to $16,750. This is a retesting level and the bulls may start selling BTC at this level to generate profits.
However, if the price of Bitcoin is able to survive the retest and manages to resurge, then the price of Bitcoin will cross the resistance level once more.
This time, the investors will eye another stronger level, which would be $17,000. This will be another major challenge for the bulls and they will be needing all the support they can get to breach this level.
If the neutral investors show up to support the bulls with the next rally, then the trading price of Bitcoin may hit and cross the $17k level for good.
Bitcoin May Plunge to $16,000
However, if the bulls are not able to push BTC to $16,750 and the bears start selling it on a larger scale, then the digital asset’s value may plummet tremendously.
At first, the bears may attempt to pull BTC to a lower trading level at $16,460. If they managed to break below the particular level, it will only be a matter of time before they bring BTC to a low of $16,000.
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