Bitcoin Price Analysis — December 16

As projected in my last analysis, BTC has regained some bullish traction, which pushed it to the $49,500 top today. In line with the last analysis, the benchmark cryptocurrency recorded a slowdown around that area, given that it coincides with my descending trendline. That said, the cryptocurrency now faces a critical juncture and should react erratically soon. As illustrated, a rejection from the trendline, the more likely course of action, could open the doors to $45,000 and lower for Bitcoin. However, a bullish candle close above the trendline should extend additional support to bears and set the price on course to the $54,000 pivot zone.

Meanwhile, my resistance levels are at $49,500, $50,000, and $50,500, and my key support levels are at $48,000, $47,000, and $46,000.

Total Market Capitalization: $2.26 trillion

Bitcoin Market Capitalization: $917.5 trillion

Bitcoin Dominance: 40.6%

Market Rank: #1