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{"id":511422,"date":"2022-12-06T22:46:40","date_gmt":"2022-12-07T03:46:40","guid":{"rendered":"https:\/\/wncen.com\/?p=511422"},"modified":"2024-06-11T14:31:51","modified_gmt":"2024-06-11T14:31:51","slug":"bitcoin-price-consolidates-17k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-consolidates-17k\/","title":{"rendered":"Bitcoin Price Consolidates Near $17K: What Could Trigger A Fresh Increase"},"content":{"rendered":"

Bitcoin price started a downside correction from the $17,500 resistance. BTC is trading above the $16,800 support and might start a fresh increase.<\/em><\/p>\n

\n
Bitcoin tested the $16,800 support zone and traded as low as $16,888.<\/li>\n
The price is trading near $17,000 and the 100 hourly simple moving average.<\/li>\n
There was a break above a key contracting triangle with resistance near $17,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair must stay above the $16,800 support to start a fresh increase.<\/li>\n<\/ul>\n
Bitcoin Price Holds Key Support<\/h2>\n
Bitcoin price attempted another increase above the $17,500 resistance zone<\/a>. However, BTC failed to gain strength above the $17,400 level. A high was formed near $17,440 before there was a downside correction.<\/p>\n
There was a move below the $17,200 support zone and the 100 hourly simple moving average. However, the bulls were active above the $16,800 support zone. A low was formed near $16,888 and the price is now consolidating losses.<\/p>\n
There was a minor increase above the $17,000 level. Bitcoin price is now trading near $17,000 and the 100 hourly simple moving average<\/a>. Besides, there was a break above the 23.6% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low.<\/p>\n
There was also a break above a key contracting triangle with resistance near $17,000 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $17,170 level. It is near the 50% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
The first major resistance is near the $17,200 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,450 resistance. The next major resistance is near $17,500, above which the price rise towards the $18,000 zone in the near term.<\/p>\n
More Losses in BTC?<\/h2>\n
If bitcoin fails to start a fresh increase above the $17,170 resistance, there could be more downsides. An immediate support on the downside is near the $16,880 level.<\/p>\n
The next major support is near the $16,800 zone. A downside break below the $16,800 support might call a drop towards $16,500. Any more losses might call for a test of the key $16,000 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $16,800, followed by $16,500.<\/p>\n
Major Resistance Levels \u2013 $17,170, $17,200 and $17,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a downside correction from the $17,500 resistance. BTC is trading above the $16,800 support and might start a fresh increase. Bitcoin tested the $16,800 support zone and traded as low as $16,888. The price is trading near $17,000 and the 100 hourly simple moving average. There was a break above a key contracting triangle with resistance near $17,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above the $16,800 support to start a fresh increase. Bitcoin Price Holds Key Support Bitcoin price attempted another increase above the $17,500 resistance zone. However, BTC failed to gain strength above the $17,400 level. A high was formed near $17,440 before there was a downside correction. There was a move below the $17,200 support zone and the 100 hourly simple moving average. However, the bulls were active above the $16,800 support zone. A low was formed near $16,888 and the price is now consolidating losses. There was a minor increase above the $17,000 level. Bitcoin price is now trading near $17,000 and the 100 hourly simple moving average. Besides, there was a break above the 23.6% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low. There was also a break above a key contracting triangle with resistance near $17,000 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $17,170 level. It is near the 50% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low. The first major resistance is near the $17,200 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,450 resistance. The next major resistance is near $17,500, above which the price rise towards the $18,000 zone in the near term. More Losses in BTC? If bitcoin fails to start a fresh increase above the $17,170 resistance, there could be more downsides. An immediate support on the downside is near the $16,880 level. The next major support is near the $16,800 zone. A downside break below the $16,800 support might call a drop towards $16,500. Any more losses might call for a test of the key $16,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $16,800, followed by $16,500. Major Resistance Levels \u2013 $17,170, $17,200 and $17,500.<\/p>\n","protected":false},"author":67,"featured_media":460005,"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-511422","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":"\nBitcoin Price Consolidates Near $17K: What Could Trigger A Fresh Increase<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a downside correction from the $17,500 resistance. 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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 Consolidates Near $17K: What Could Trigger A Fresh Increase","url":"http:\/\/wncen.com\/news\/bitcoin-price-consolidates-17k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-consolidates-17k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_749757757-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_749757757-scaled.jpg?fit=2560%2C1792"},"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":"2022-12-07T03:46:40Z","datePublished":"2022-12-07T03:46:40Z","dateModified":"2024-06-11T14:31:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Consolidates Near $17K: What Could Trigger A Fresh Increase\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-consolidates-17k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-consolidates-17k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_749757757-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_749757757-scaled.jpg?fit=2560%2C1792\"},\"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\":\"2022-12-07T03:46:40Z\",\"datePublished\":\"2022-12-07T03:46:40Z\",\"dateModified\":\"2024-06-11T14:31:51Z\"}<\/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\/03\/shutterstock_749757757-scaled.jpg?fit=2560%2C1792","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/511422"}],"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=511422"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/511422\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/460005"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=511422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=511422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=511422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}