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Bitcoin is currently trading at approximately $87.2 thousand.
The daily trading volume of Bitcoin has increased by more than 62%.
As of December 16, the cryptocurrency market is still fluctuating within a downward range, placing digital assets in a state of uncertainty. Prices are experiencing a sharp decline, retesting the critical support level. Meanwhile, Bitcoin (BTC), the largest digital asset, has faced several bounces after a series of recovery attempts.
Bitcoin is likely to have lost a modest percentage of 2.76%, opening daily trading at a high level of about $89,849.37. With sellers dominating the Bitcoin market, the downward trend pushed it to record a low of $85,304.08. As the strength of sellers increases, the price may lose all the momentum it has recently gained.
At the time of writing this report, Bitcoin is trading in the range of $87,220, and its current market capitalization is $1.74 trillion. Daily trading volume has increased by more than 62.74%, reaching approximately $48.01 billion. According to Coinglass data, the market experienced a liquidation event worth $194.60 million of Bitcoin in the last 24 hours.
Is the price of Bitcoin heading towards another decline, or is a recovery imminent?
The BTC/USDT trading pair shows that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line, both of which are below the zero line. This crossover indicates a strong downward trend. The current price movement is weak, and downward pressure is likely to continue.
BTC chart (Source: TradingView)
Additionally, the Chaikin Money Flow (CMF) indicator at -0.10 suggests moderate capital outflows from the asset. It is noteworthy that there is selling pressure, indicating distribution of assets rather than accumulation in the Bitcoin market. An increase in value could renew buying interest.
The daily Relative Strength Index (RSI) at 39.24 indicates that Bitcoin is leaning towards a downturn, but it has not yet reached oversold territory. A breach of the 50 level would strengthen market power, while a drop to 30 indicates increasing downward momentum. The Bitcoin Buying and Selling Pressure (BBP) at -2,161.22 indicates strong seller dominance. Furthermore, this reflects significant downward pressure, and the market remains susceptible to volatility until buying momentum begins to recover.
The price pattern of Bitcoin shows a downward trend, and it may find its critical support range at about $87,104. Any additional losses could lead to further downward pressure, triggering a deadly crossover pattern, gradually pushing the asset price below $86,911.
Conversely, assuming the asset's momentum returns to an upward trend, the price could jump to the resistance level at $87,352. A strong upward correction could lead to the emergence of a golden crossover pattern, pushing the price of Bitcoin towards $87,475 or even higher.$BNB
