The bulls failed to push prices higher on the first day of 2023 as most of the top 10 coins are in the red.
BTC/USD
Bitcoin (BTC) price has almost not changed since yesterday.
The hourly chart should point to the local support level at $16,501. Right now, the price is attempting to fix above the resistance at $16,546.
If buyers can retain the initiative gained, growth could continue into the $16,600 zone tomorrow.
On the larger timeframe, the situation is less bullish as the price remains near the $16,465 support level. If growth doesn’t come soon, the closest approach to the above mark may be a prerequisite for a breakout. In this case, there is a high chance of seeing a test of the $16,200 area.
On the weekly timeframe, the candle is about to close bearish. However, the price is far from the key levels. Currently, the key zone is $16,000, a break above it could lead to a test of $15,632 support.
Bitcoin is trading at $16,543 at press time.
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