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Dec 17,2022

BTC Below $16,880 Support; Will It Follow a Positive Traction?

Bitcoin is far from its price of $21,000 in November 2022.
Currently, BTC is moving at $16,715.
VC Tim Draper predicted that BTC will hit $250,000 in 2023, which analysts say is impossible.
Although Bitcoin (BTC) and other major coins have fallen due to the fall of FTX in November, some price forecasts are optimistic that BTC will hit $250,000 in 2023.

Tim Draper, the founder of Draper Venture Network, recently predicted that BTC will hit $250,000 next year, despite the failure of FTX. However, this prediction is impossible in the eyes of other analysts, since BTC is not even above $60,000.

As of this writing, BTC has traded at $16,715, down 0.28% in the last 24 hours. BTC Day 1 trading indicator shows that the coin is sitting below the shortest support zone at $16,880.

If BTC breaks this support zone in the intraday trade, it may go back to its previous resistance of $17,100 in the following days. Apparently, after a volatile price change since late November, BTC reached $18,388 on December 14 due to the FOMC meeting.

Also, the 20-day EMA shows that the candle is close to the EMA line, but the possibility of the price reaching that line is less in intraday trading.

From another point of view, BTC is retracing the same pattern from September 13 to November 5. In this regard, there will be a slight push in the coming days.

Significantly, upcoming economic events such as the IFO Business Climate Index and the CBI Industry Trends will also contribute to the price trends of BTC and other coins.

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