Bitcoin Price Falls Below $16,500, Needs to Break $17K to Go Bullish

• Bitcoin price prediction for December 30th shows BTC dropping below the $16,500 support level
• Bitcoin is currently showing signs of weakness, and the resistance provided during the European session continues to fail
• The Bitcoin price needs to break the $17,000 resistance to make the market bullish

The Bitcoin price is seeing a dip today, December 30, after getting rejected at the $16,638 mark. Bitcoin has been trading in a range since late November and is currently showing signs of weakness as the price drops below the $16,500 support level.

This recent price action has been reflected in the Relative Strength Index (14) which is currently crossing below the 40-level. If Bitcoin is to make any ground towards the upper boundary of the channel, it must break the $17,000 resistance and make the market bullish.

Bitcoin’s market cap currently stands at $370.6 billion, with a circulating supply of 19.1 million and a total supply of 19.1 million. Its Coinmarketcap ranking is #1 and its current price is around $19,335.

The daily chart shows that Bitcoin is experiencing some difficulty in making any ground towards the channel’s upper boundary. It was rejected at the $16,638 mark and is currently facing resistance from the $17,000 level. As the market remains bearish, the Bitcoin price is expected to drop further, with a loss of 1.68% within 24 hours of trading.

In order to make a bullish break, Bitcoin must break the $17,000 resistance and make the market bullish. Overall, traders are advised to be cautious and watch for any potential bearish signals that may cause the price to drop. If the price does break the resistance and make the market bullish, then traders should look to capitalize on the opportunity.