Bitcoin fails to break resistance and clings to the $16,000 range
During the final week of a difficult year for cryptocurrencies, Bitcoin fails to break through resistance above $17,000 and remains in the $16,000 range. Investors have stayed away from digital currencies this holiday season, driving volatility in the market to record lows.
In fact, investors are unsure whether cryptocurrencies can lead the next rally. Thus, Bitcoin is clinging to the $16,800 level, without clearly showing its next directional move, and still close to its psychological support of $15,000.
Ethereum trades at $1,217, below its key resistance level of $1,230 for the sixth consecutive day.
It's nearing the end of a difficult year for the crypto-industry as a whole, as the main cryptocurrencies have dropped more than 70% from their all-time highs. Bitcoin specifically, has lost about 75% from its all-time high, while Ethereum has fallen about 75%. Things are not looking too good for Shiba Inu and Solana either, as both cryptocurrencies have dropped more than 90% from their highest prices on record.