Bitcoin price declined heavily and traded below $17,000. BTC is consolidating losses and remains at a risk of more losses below the $16,500 support.
- Bitcoin started a fresh decline below the $17,200 and $17,000 support levels.
- The price is trading below $17,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move lower unless it clears the 100 hourly SMA.
Bitcoin Price Tumbles
Bitcoin price restarted a fresh decline from the $18,400 zone resistance zone. BTC gained pace below the $17,500 and $17,200 support levels. The bears even pushed it below the $17,000 level and the 100 hourly simple moving average.
It tested the $16,500 support zone. A low is formed near $16,541 and the price is now consolidating losses. It climbed a few points higher and traded above the $16,700 level.Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,800 zone. There is also a key bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $17,000 zone and the 100 hourly simple moving average. It is near the 23.6% Fib retracement level of the downward move from the $18,387 swing high to $16,541 swing low.