Bitcoin price prediction: On December 16th, the Bitcoin price breached two crucial support of $16825 and the ascending trendlines for an inverted flag pattern. Losing this support intensifies the ongoing selling pressure in the market, suggesting the BTC price may witness deeper correction in future support.
Key points
- The Bitcoin price is poised for a 6.5% drop following the inverted flag pattern breakdown.
- The daily-RSI slope reenters the negative region.
- The intraday trading volume in Bitcoin is $10.3 Billion, indicating a 49% loss.
Source-Tradingview
Amid the recent uncertainty surrounding Binance, the crypto exchange, and speculation that the US Federal Reserve will tighten the interest rates, the crypto market witnessed significant selling in the last few days.
As a result, the …