Written by 3:48 pm Bitcoin

Bitcoin (BTC) Price Analysis for December 23


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Denys Serhiichuk

How long is accumulation period of Bitcoin (BTC) going to last?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The market is trying to rise as the majority of the coins are in the green zone.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has increased by 0.88% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is trading near the local resistance level of $16,881. If the daily bar closes near it or even above, there is a good chance to see an upward move to the $17,000 zone tomorrow.

BTC/USD chart by TradingView

The situation remains unchanged on the bigger time frame, as Bitcoin (BTC) has not accumulated enough power for a sharp move. Traders can think about a possible rise only above the $17,000 mark.

BTC/USD chart by TradingView

On the weekly chart, the price has made a false breakout of the $16,572 mark. If buyers can hold the gained initiative, the next area at which bears’ pressure is possible is the zone around $17,200. Such a scenario is relevant until the end of the month.

Bitcoin is trading at $16,838 at press time.

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