Bitcoin (BTC) Price Analysis for December 16

The prices of most coins keep facing corrections, according to CoinStats.

BTC/USD

The rate of Bitcoin (BTC) has risen by 0.4% over the last day.

On the hourly chart, the price of BTC is trading near the local resistance level of $42,446. If buyers can hold the initiative, there is a possibility of a breakout followed by a move to the $42,700 zone.

On the bigger time frame, neither buyers nor sellers are dominating as the rate is far from the support and resistance levels.

All in all, ongoing sideways trading between $42,000 and $43,000 is the more likely scenario for the next days.

On the weekly chart, bulls could not maintain the rise after the last bullish candle. If the bar fails to close above the $44,000 mark, traders may expect a correction to the $40,000 zone.

Bitcoin is trading at $42,317 at press time.

Source