{"id":512841,"date":"2022-12-18T21:29:26","date_gmt":"2022-12-19T02:29:26","guid":{"rendered":"https:\/\/wncen.com\/?p=512841"},"modified":"2024-06-11T08:08:32","modified_gmt":"2024-06-11T08:08:32","slug":"bitcoin-price-bearish-16-5k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-bearish-16-5k\/","title":{"rendered":"Bitcoin Price Prints Bearish Technical Pattern, Why It Could Continue Lower"},"content":{"rendered":"<p><em>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.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline below the $17,200 and $17,000 support levels.<\/li>\n<li>The price is trading below $17,000 and the 100 hourly simple moving average.<\/li>\n<li>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).<\/li>\n<li>The pair could continue to move lower unless it clears the 100 hourly SMA.<\/li>\n<\/ul>\n<h2>Bitcoin Price Tumbles<\/h2>\n<p>Bitcoin price restarted a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-prediction-btc-16k\/\" target=\"_blank\" rel=\"noopener \">fresh decline<\/a> 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.<\/p>\n<p>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.<\/p>\n<p>Bitcoin price is now trading below $17,000 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-retreats-18k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. 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.<\/p>\n<p>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.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-15.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-512842\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-15.png?resize=1834%2C845\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-15.png?w=1834 1834w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-15.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-15.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-15.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-15.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-15.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-15.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=\"nofollow noopener\">BTCUSD on TradingView.com<\/a><\/p>\n<p>A clear move above the $17,000 resistance might call for a move towards the $17,500 resistance. It is close to the 50% Fib retracement level of the downward move from the $18,387 swing high to $16,541 swing low. The next major resistance is near $17,800, above which the price might gain pace and rise towards the $18,000 level.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to clear the $17,000 resistance, there could be more downsides. An immediate support on the downside is near the $16,600 level.<\/p>\n<p>The next major support is near the $16,500 zone. A downside break below the $16,500 support might call more losses. In the stated case, the price could decline towards the $16,000 support in the near term. Any more losses might send the price towards $15,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $16,600, followed by $16,500.<\/p>\n<p>Major Resistance Levels \u2013 $16,800, $17,000 and $17,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. Source: BTCUSD on TradingView.com A clear move above the $17,000 resistance might call for a move towards the $17,500 resistance. It is close to the 50% Fib retracement level of the downward move from the $18,387 swing high to $16,541 swing low. The next major resistance is near $17,800, above which the price might gain pace and rise towards the $18,000 level. More Losses in BTC? If bitcoin fails to clear the $17,000 resistance, there could be more downsides. An immediate support on the downside is near the $16,600 level. The next major support is near the $16,500 zone. A downside break below the $16,500 support might call more losses. In the stated case, the price could decline towards the $16,000 support in the near term. Any more losses might send the price towards $15,500. 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 above the 50 level. Major Support Levels \u2013 $16,600, followed by $16,500. Major Resistance Levels \u2013 $16,800, $17,000 and $17,500.<\/p>\n","protected":false},"author":67,"featured_media":460984,"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-512841","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 Prints Bearish Technical Pattern, Why It Could Continue Lower<\/title>\n<meta name=\"description\" content=\"Bitcoin price declined heavily and traded below $17,000. 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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 Prints Bearish Technical Pattern, Why It Could Continue Lower","url":"http:\/\/wncen.com\/news\/bitcoin-price-bearish-16-5k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-bearish-16-5k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_786496693.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_786496693.jpg?fit=1527%2C1080"},"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":"2022-12-19T02:29:26Z","datePublished":"2022-12-19T02:29:26Z","dateModified":"2024-06-11T08:08:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Prints Bearish Technical Pattern, Why It Could Continue Lower\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-bearish-16-5k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-bearish-16-5k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_786496693.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_786496693.jpg?fit=1527%2C1080\"},\"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\":\"2022-12-19T02:29:26Z\",\"datePublished\":\"2022-12-19T02:29:26Z\",\"dateModified\":\"2024-06-11T08:08:32Z\"}<\/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_786496693.jpg?fit=1527%2C1080","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/512841"}],"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=512841"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/512841\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/460984"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=512841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=512841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=512841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}