Bitcoin Price Forecast for December 15: Key BTC Levels to Monitor

Summary:
Bitcoin's price is currently in a delicate position, dipping to $89,675.70, indicative of a 0.6% decline in the last 24 hours. As it faces crucial Fibonacci retracement levels, signals such as bearish MACD and significant long liquidations add to the market's tension. Nonetheless, a modest 3.7% gain over the last two weeks hints at potential short-term resilience.

Key Takeaways

Current Price: Bitcoin is priced at $89,675.70, with a recent 24-hour decline of 0.6%.
Trading Volume: 24-hour trading volume stands at $35.43 billion, suggesting ongoing interest.
Performance Metrics: Bitcoin shows a 2.0% drop weekly and an 11.8% decline annually, but a recent 14-day gain of 3.7% is notable.
Fibonacci Levels: Key resistance levels are at 61.8% ($94,235), 50% ($100,344), and 38.2% ($106,453) retracement levels. Support is at 78.6% ($85,537).
Liquidation Data: Long positions suffer significantly, with $36.41 million rekt in the last 12 hours amidst broader liquidations totaling $110.36 million in 24 hours.

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Bitcoin Price Analysis

Looking closely at Bitcoin's price movements from a technical perspective, the weekly chart illustrates critical Fibonacci retracement levels that act as support and resistance. These levels, drawn from the October peak around $126,030 to a swing low of approximately $74,458, reveal significant price zones.

Bitcoin Price Prediction

Immediate resistance is apparent at the 61.8% retracement level of $94,235, often serving as a robust barrier during recovery attempts. If Bitcoin can build bullish momentum, potential upside targets include the 50% level at $100,344 and the 38.2% level at $106,453.

On the support side, a critical zone has formed around the 78.6% Fibonacci level at $85,537, where Bitcoin seems to be consolidating after briefly touching above $80,000. Breaking below this could indicate a deeper drop, with the next major support level being the 100% retracement back to $74,458.

Further caution arises from technical indicators, as the MACD (Moving Average Convergence Divergence) signals a bearish trend. The MACD line has dropped below the signal line, and the histogram reflects increasing red bars, pointing to a potential continuation of the downward trend.

Bitcoin Liquidation Insights

In terms of liquidation data, the Coinglass liquidation dashboard shows a troubling surge, particularly among long positions over the medium term.

In the past 12 hours, the total liquidated value reached $52.18 million, predominantly driven by long positions at $36.41 million, while shorts saw a smaller liquidation amount of $15.77 million. This indicates unexpected downward pressure that caught bullish traders off guard.

Bitcoin Liquidation

Extending this to a 24-hour view, the overall liquidation total escalates to $110.36 million, with long positions suffering the most at $93.42 million, compared to shorts at $16.94 million. This scenario may contribute to the prevailing market volatility and signals bearish dominance.

Disclaimer: This content is for informational purposes only and should not be seen as financial advice. The opinions expressed in this article may be those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are urged to conduct extensive research prior to making any investment decisions. The Crypto Basic bears no responsibility for any financial losses.