{"id":509442,"date":"2022-11-21T02:24:55","date_gmt":"2022-11-21T02:24:55","guid":{"rendered":"https:\/\/wncen.com\/?p=509442"},"modified":"2024-06-11T14:03:08","modified_gmt":"2024-06-11T14:03:08","slug":"bitcoin-price-grinds-lower-16k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-grinds-lower-16k\/","title":{"rendered":"Bitcoin Price Grinds Lower, Why The Bears Are Not Done Yet"},"content":{"rendered":"<p><em>Bitcoin price is slowly moving lower towards $15,500. BTC remains at a risk of more losses unless it settles above the $17,000 resistance zone.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline below the $16,500 and $16,400 levels.<\/li>\n<li>The price is trading below $16,500 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a decent increase if there is a move above the $16,500 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Restarts Decline<\/h2>\n<p>Bitcoin price failed to gain pace above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-prediction-17k\/\" target=\"_blank\" rel=\"noopener \">$17,000 resistance<\/a>. BTC struggled to stay above the $16,650 level and started a fresh decline.<\/p>\n<p>The recent swing high was formed near $16,795 before the price dropped below the $16,500 support. There was a close below the $16,500 zone and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-resists-17k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. The bears even pushed the price towards the $16,150 level.<\/p>\n<p>A low is formed near $16,156 and the price is now consolidating losses. On the upside, an immediate resistance is near the $16,300 level. It is near the 23.6% Fib retracement level of the recent decline from the $16,795 swing high to $16,156 low.<\/p>\n<p>The first major resistance is near the $16,400 zone. There is also a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC\/USD pair. The next major resistance is near the $16,500 level. It is near the 50% Fib retracement level of the recent decline from the $16,795 swing high to $16,156 low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-6.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-509443\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-6.png?resize=1834%2C845\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-6.png?w=1834 1834w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-6.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-6.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-6.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-6.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-6.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-6.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/p>\n<p>Bitcoin price must clear the trend line resistance and then the 100 hourly simple moving average to move into a positive zone. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $18,000 zone.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to gain pace above the $16,400 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,150 level.<\/p>\n<p>The next major support is near the $16,000 zone, below which the price might test the key support at $15,500. A clear move below the $15,500 support might send the price further lower.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the oversold zone.<\/p>\n<p>Major Support Levels \u2013 $16,150, followed by $16,000.<\/p>\n<p>Major Resistance Levels \u2013 $16,350, $16,400 and $16,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is slowly moving lower towards $15,500. BTC remains at a risk of more losses unless it settles above the $17,000 resistance zone. Bitcoin started a fresh decline below the $16,500 and $16,400 levels. The price is trading below $16,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a decent increase if there is a move above the $16,500 resistance zone. Bitcoin Price Restarts Decline Bitcoin price failed to gain pace above the $17,000 resistance. BTC struggled to stay above the $16,650 level and started a fresh decline. The recent swing high was formed near $16,795 before the price dropped below the $16,500 support. There was a close below the $16,500 zone and the 100 hourly simple moving average. The bears even pushed the price towards the $16,150 level. A low is formed near $16,156 and the price is now consolidating losses. On the upside, an immediate resistance is near the $16,300 level. It is near the 23.6% Fib retracement level of the recent decline from the $16,795 swing high to $16,156 low. The first major resistance is near the $16,400 zone. There is also a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC\/USD pair. The next major resistance is near the $16,500 level. It is near the 50% Fib retracement level of the recent decline from the $16,795 swing high to $16,156 low. Source: BTCUSD on TradingView.com Bitcoin price must clear the trend line resistance and then the 100 hourly simple moving average to move into a positive zone. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $18,000 zone. More Losses in BTC? If bitcoin fails to gain pace above the $16,400 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,150 level. The next major support is near the $16,000 zone, below which the price might test the key support at $15,500. A clear move below the $15,500 support might send the price further lower. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the oversold zone. Major Support Levels \u2013 $16,150, followed by $16,000. Major Resistance Levels \u2013 $16,350, $16,400 and $16,500.<\/p>\n","protected":false},"author":67,"featured_media":463916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-509442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Grinds Lower, Why The Bears Are Not Done Yet<\/title>\n<meta name=\"description\" content=\"Bitcoin price is slowly moving lower towards $15,500. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Grinds Lower, Why The Bears Are Not Done Yet","url":"http:\/\/wncen.com\/news\/bitcoin-price-grinds-lower-16k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-grinds-lower-16k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Depositphotos_183063862_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Depositphotos_183063862_s-2019.jpg?fit=999%2C738"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2022-11-21T02:24:55Z","datePublished":"2022-11-21T02:24:55Z","dateModified":"2024-06-11T14:03:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Grinds Lower, Why The Bears Are Not Done Yet\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-grinds-lower-16k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-grinds-lower-16k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/Depositphotos_183063862_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/Depositphotos_183063862_s-2019.jpg?fit=999%2C738\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2022-11-21T02:24:55Z\",\"datePublished\":\"2022-11-21T02:24:55Z\",\"dateModified\":\"2024-06-11T14:03:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Depositphotos_183063862_s-2019.jpg?fit=999%2C738","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/509442"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=509442"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/509442\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/463916"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=509442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=509442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=509442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}