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{"id":511570,"date":"2022-12-07T22:08:14","date_gmt":"2022-12-08T03:08:14","guid":{"rendered":"https:\/\/wncen.com\/?p=511570"},"modified":"2024-06-11T14:31:51","modified_gmt":"2024-06-11T14:31:51","slug":"bitcoin-price-downtrend-17k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-downtrend-17k\/","title":{"rendered":"Bitcoin Price Could Avoid Another Downtrend if it Closes Above One Key Level"},"content":{"rendered":"

Bitcoin price extended its decline below the $17,000 level. BTC could avoid a major drop if it closes above the $17,000 resistance zone.<\/em><\/p>\n

\n
Bitcoin remained in a bearish zone and traded below the $17,000 support.<\/li>\n
The price is trading below $17,000 and the 100 hourly simple moving average.<\/li>\n
There is a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is showing a few bearish signs below the $17,000 pivot level.<\/li>\n<\/ul>\n
Bitcoin Price Is Showing Bearish Signs<\/h2>\n
Bitcoin price failed to stay in a positive zone above the $17,000 pivot level. BTC bears were active and there was a push below the $16,800 support zone<\/a>.<\/p>\n
The price tested the $16,700 level and settled below the 100 hourly simple moving average. A low is formed near $16,700 and the price is now consolidating losses. There was a minor increase above the $16,800 resistance level.<\/p>\n
Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low. It is now trading below $17,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC\/USD pair.<\/p>\n
On the upside, an immediate resistance<\/a> is near the $16,920 level and the bearish trend line. It is near the 50% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
The first major resistance is near the $17,000 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,200 resistance. The next major resistance is near $17,450, 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 $17,000 resistance, there could be more downsides. An immediate support on the downside is near the $16,700 level.<\/p>\n
The next major support is near the $16,500 zone. A downside break below the $16,500 support might call a drop towards $16,000. Any more losses might push the price towards the $15,500 pivot zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n
Major Support Levels \u2013 $16,700, followed by $16,500.<\/p>\n
Major Resistance Levels \u2013 $16,920, $17,000 and $17,200.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price extended its decline below the $17,000 level. BTC could avoid a major drop if it closes above the $17,000 resistance zone. Bitcoin remained in a bearish zone and traded below the $17,000 support. 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 $16,920 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is showing a few bearish signs below the $17,000 pivot level. Bitcoin Price Is Showing Bearish Signs Bitcoin price failed to stay in a positive zone above the $17,000 pivot level. BTC bears were active and there was a push below the $16,800 support zone. The price tested the $16,700 level and settled below the 100 hourly simple moving average. A low is formed near $16,700 and the price is now consolidating losses. There was a minor increase above the $16,800 resistance level. Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low. It is now trading below $17,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $16,920 level and the bearish trend line. It is near the 50% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low. The first major resistance is near the $17,000 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,200 resistance. The next major resistance is near $17,450, 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 $17,000 resistance, there could be more downsides. An immediate support on the downside is near the $16,700 level. The next major support is near the $16,500 zone. A downside break below the $16,500 support might call a drop towards $16,000. Any more losses might push the price towards the $15,500 pivot zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level. Major Support Levels \u2013 $16,700, followed by $16,500. Major Resistance Levels \u2013 $16,920, $17,000 and $17,200.<\/p>\n","protected":false},"author":67,"featured_media":461913,"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-511570","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 Could Avoid Another Downtrend if it Closes Above One Key Level<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended its decline below the $17,000 level. 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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 Could Avoid Another Downtrend if it Closes Above One Key Level","url":"http:\/\/wncen.com\/news\/bitcoin-price-downtrend-17k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-downtrend-17k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_649342378.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_649342378.jpg?fit=1000%2C667"},"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":"2022-12-08T03:08:14Z","datePublished":"2022-12-08T03:08:14Z","dateModified":"2024-06-11T14:31:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Could Avoid Another Downtrend if it Closes Above One Key Level\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-downtrend-17k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-downtrend-17k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_649342378.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_649342378.jpg?fit=1000%2C667\"},\"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\":\"2022-12-08T03:08:14Z\",\"datePublished\":\"2022-12-08T03:08:14Z\",\"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\/04\/shutterstock_649342378.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/511570"}],"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=511570"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/511570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/461913"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=511570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=511570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=511570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}