• The Bitcoin price is hovering at $16,729 but the king coin has not been able to cross above the 9-day and 21-day moving averages.
• Bitcoin is bound for a spike in volatility but there seems to be no room for further losses after experiencing downward pressure.
• The Bitcoin price might see further sideways price action as additional losses could play out until there is a change in the price movement.
The Bitcoin price prediction for today, January 3, is that BTC/USD keeps moving around the $16,700 level. The king coin has experienced some downward pressure in the past few weeks, leading to a price hovering at $16,729 but unable to cross above the 9-day and 21-day moving averages. The technical indicator Relative Strength Index (14) is just crossing above the 50-level, which could mean that the king coin may be ready for an upside in the coming days.
However, as the Bitcoin price ranges, the coin could see further sideways price action as additional losses could play out until there is a change in the price movement. On that note, BTC is bound for a spike in volatility but there seems to be no room for further losses after experiencing downward pressure.
Investors should pay attention to the market and keep an eye out for the potential upside that the king coin is displaying. The Bitcoin market cap is currently at $322.4 billion, while its circulating supply is at 19.2 million, out of its total supply of 19.2 million. The coin’s Coinmarketcap ranking is #1, as expected.
The $20,000, $22,000, and $20,000 are the resistance levels for Bitcoin at this point, while the support levels are at $14,000, $12,000, and $10,000. Traders should always keep in mind that when trading, one should never invest more than one can afford to lose.
In conclusion, the Bitcoin price prediction for today looks like BTC will keep moving around the $16,700 level, with potential for an upside that investors should be aware of. The market is highly volatile and it is important to take all necessary precautions when investing in the digital asset.