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Bitcoin Reaches Overbought Area as It Challenges $17,400 High

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Key Highlights
BTC price fluctuates in a narrow range
Bitcoin challenges the $17,400 resistance zone

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Bitcoin (BTC) Current Statistics
The current price: $17,156.25
Market Capitalization: $360,106,800,664
Trading Volume: $19,452,630,130
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Bitcoin (BTC) Price Analysis December 9, 2022
Bitcoin’s (BTC) price has been bouncing about in a small range since November 9. The $17,400 resistance zone has constrained price growth, while the $16,700 support zone has constrained price declines. To put it another way, BTC/USD is currently trading above the 21-day line SMA resistance but below the 50-day line SMA support. The breaking of moving average lines will reveal whether an uptrend or downtrend is present. Buyers made determined efforts to break through the present resistance levels on November 30 and December 8. However, at the $17,436 and $17,366 highs, the price of BTC was resisted. If buyers manage to overcome the resistance at $17,297 and $18,150, Bitcoin will resume its upward trend. We anticipate a rally over the 50-day SMA. The bullish trend will carry over to the price peaks of $20,000 and $21,500.

BTCUSD(WeeklyChart)-December9

Bitcoin Technical Indicators Reading
The Relative Strength Index for Bitcoin has been constant at level 34 for the past week. The price bars on the daily chart are situated between the moving average lines, which suggests that the price of the cryptocurrency may fluctuate in a range. The daily Stochastic is still above level 80 for Bitcoin. The price of BTC has experienced bullish weariness and could fall.

Conclusion
Following the price recovery on November 30, the price of Bitcoin (BTC) has remained largely constant. The BTC price has been ranging between $16,700 and $17,400 during the past week. The market has entered the overbought area, preventing further upward movement.

BTCUSD(DailyChart)-December9

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