- Bitcoin price prediction of $20,000 seems far fetched amid bearish price action
- A V-type recovery is unlikely as the price stalls near the $16,500 support level
- Increased selling and bearish technical indicators are holding back the bull run
- BTC/USD faces intense selling pressure near the $17,000 level
Bitcoin price prediction remains bearish as price stagnates near $16,100 support
Hopes of a V-shaped recovery are fading fast as Bitcoin price struggles to cross $17,000 resistance. The whale buying action is evident near $17K, but bears have successfully turned the pivot point into a selling destination. The short-term hourly charts are on the verge of completing the bearish price movement, and higher lows signal the downturn is nearing exhaustion.
The on-chain activity depicts that bears are still in charge of the price action. Bitcoin price prediction, too, remains bearish as the pair looks to undergo more correction before resuming the daily uptrend towards higher levels. Once Bitcoin price surpasses the $18,000 level, the November bull rally will be back in action to target all-time highs.
Bitcoin price movement in the last 24 hours – Consolidation near $16,500
The parabolic rise of Bitcoin price prediction was stalled near the $19,000 level as overbought technical indicators sent flashing signals. The momentum built over the previous weeks brought BTC in the vicinity of all-time highs. However, before we could see $20,000 on the charts, the glorious rally was in for some correction. Bearish Bitcoin price prediction took over, and now the price hovers near $16,880 after touching a low of $16,2 ...
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