Bitcoin price is likely to continue its downward trend when it has a point near $16,000
Today’s Bitcoin price trend is unlikely to reverse, instead will continue to decline close to the $16,000 mark. At the time of writing, BTC is changing hands at $16,851.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin Price Signals Rejection and Poised To Start Another Decline
In the past 24 hours, the Bitcoin price has dropped as low as $16,255 and as high as $16,881. Bitcoin trading volume in the past 24 hours recovered to 22,341 million BTC. The market capitalization stands at $323,026 million. The circulating supply is 19.19 million.
A new slump may occur if bitcoin cannot overcome the $17,000 barrier. Near the $16,800 mark and the channel trend line, there is the immediate support on the downside.
Current bear market vs. longest streak below realized price | Source: Root – Twitter
The prices of the most significant altcoins are mixed. Ethereum price today increased 2.44% to $1,209. Polygon (MATIC) price was recently trading up 1.5% to 79 cents after Polygon co-founder Sandeep Nailwal unveiled Web3 accelerator Beacon, which aims to connect founders with potential investors. The accelerator’s first remote-first, 12-week cohort kicked off in October with more than 30 founders from 15 companies across Defi, infrastructure, and consumer applications.
The overall cryptocurrency market cap stands at $812 trillion, and Bitcoin’s dominance rate is 40%.
Read more:
- Bitcoin Linked To QuadrigaCX That Went Underwater After Its Founder’s Mysterious Death Are Suddenly On The Move
- Bitcoin Price Declined Heavily And Traded Below $17,000, Remains At Risk Of More Losses Below The $16,500 Support