{"id":510033,"date":"2022-11-25T02:56:35","date_gmt":"2022-11-25T02:56:35","guid":{"rendered":"https:\/\/wncen.com\/?p=510033"},"modified":"2024-06-11T07:51:03","modified_gmt":"2024-06-11T07:51:03","slug":"bitcoin-price-faces-rejection-17k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-faces-rejection-17k\/","title":{"rendered":"Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text]<em>Bitcoin price struggled to clear the $17,000 resistance. BTC seems to be forming a double top pattern and might dive below the $16,000 support.<\/em><\/p>\n<ul>\n<li>Bitcoin attempted an upside break above the $17,000 resistance, but failed.<\/li>\n<li>The price is trading above $16,300 and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue to decline if it breaks the $16,000 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Struggle Continues<\/h2>\n<p>Bitcoin price attempted a recovery wave from the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-prediction-recovery-17k\/\" target=\"_blank\" rel=\"noopener \">$15,500 support zone<\/a>. BTC climbed above the $16,000 and $16,500 resistance levels.<\/p>\n<p>It even settled above the $16,300 level and the 100 hourly simple moving average. However, the bears were active near the $16,800 zone. It seems like the price faced another major rejection near the $16,800 level and is forming a double top pattern.<\/p>\n<p><a href=\"https:\/\/crypto.ro\/en\/cryptocurrencies\/bitcoin\/\" rel=\"nofollow\">Bitcoin price<\/a> started a fresh decline from the $16,800 zone. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>It is now approaching the 23.6% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-recovery-capped-16-5k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,600 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-10.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-510034\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-10.png?resize=1834%2C845\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-10.png?w=1834 1834w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-10.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-10.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-10.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-10.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-10.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-10.png?w=1140 1140w\" sizes=\"auto, (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>The first major resistance is near the $16,800 zone. A successful move above the $16,800 resistance might start a real recovery wave. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $17,500 zone.<\/p>\n<h2>Fresh Decline in BTC?<\/h2>\n<p>If bitcoin fails to climb above the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,280 level and the 100 hourly simple moving average.<\/p>\n<p>The next major support is near the $16,130 zone or the 50% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high, below which the price might gain bearish momentum. In the stated case, the price might drop towards the $15,500 support zone.<\/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 below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $16,280, followed by $16,130.<\/p>\n<p>Major Resistance Levels \u2013 $16,<em>800<\/em>, $17,000 and $18,000.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]Bitcoin price struggled to clear the $17,000 resistance. BTC seems to be forming a double top pattern and might dive below the $16,000 support. Bitcoin attempted an upside break above the $17,000 resistance, but failed. The price is trading above $16,300 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue to decline if it breaks the $16,000 support zone. Bitcoin Price Struggle Continues Bitcoin price attempted a recovery wave from the $15,500 support zone. BTC climbed above the $16,000 and $16,500 resistance levels. It even settled above the $16,300 level and the 100 hourly simple moving average. However, the bears were active near the $16,800 zone. It seems like the price faced another major rejection near the $16,800 level and is forming a double top pattern. Bitcoin price started a fresh decline from the $16,800 zone. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair. It is now approaching the 23.6% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,600 level. Source: BTCUSD on TradingView.com The first major resistance is near the $16,800 zone. A successful move above the $16,800 resistance might start a real recovery wave. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $17,500 zone. Fresh Decline in BTC? If bitcoin fails to climb above the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,280 level and the 100 hourly simple moving average. The next major support is near the $16,130 zone or the 50% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high, below which the price might gain bearish momentum. In the stated case, the price might drop towards the $15,500 support zone. 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 below the 50 level. Major Support Levels \u2013 $16,280, followed by $16,130. Major Resistance Levels \u2013 $16,800, $17,000 and $18,000.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":67,"featured_media":464592,"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-510033","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 Faces Rejection, Why BTC Could Resume Its Downtrend<\/title>\n<meta name=\"description\" content=\"Bitcoin price struggled to clear the $17,000 resistance. 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