{"id":512992,"date":"2022-12-19T21:32:56","date_gmt":"2022-12-20T02:32:56","guid":{"rendered":"https:\/\/wncen.com\/?p=512992"},"modified":"2024-06-11T14:35:15","modified_gmt":"2024-06-11T14:35:15","slug":"bitcoin-price-vulnerable-below-17k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-vulnerable-below-17k\/","title":{"rendered":"Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $17K"},"content":{"rendered":"<p><em>Bitcoin price declined further and traded below $16,500. BTC is correcting losses, but it could struggle to climb above the $16,700 and $17,000 resistance levels.<\/em><\/p>\n<ul>\n<li>Bitcoin extended its decline below the $17,000 and $16,500 support levels.<\/li>\n<li>The price is trading below $16,800 and the 100 hourly simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could resume its decline unless there is a clear move above $17,000 and the 100 hourly SMA.<\/li>\n<\/ul>\n<h2>Bitcoin Price Signals Bearish Bias<\/h2>\n<p>Bitcoin price settled below the $17,200 support level to move into a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-bearish-16-5k\/\" target=\"_blank\" rel=\"noopener \">bearish zone<\/a>. BTC gained pace below the $17,000 and $16,800 support levels. The price even declined below the $16,500 support and settled below the 100 hourly simple moving average.<\/p>\n<p>It tested the $16,200 zone. A low is formed near $16,260 and the price is now correcting losses. There was a minor increase above the $16,500 resistance zone. The price climbed above the 50% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low.<\/p>\n<p>Bitcoin price is now trading below $16,800 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-prediction-btc-16k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,650 zone. There is also a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The trend line is near the 61.8% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low. The first major resistance is near the $16,800 zone and the 100 hourly simple moving average.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-16.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-512993\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-16.png?resize=1834%2C845\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-16.png?w=1834 1834w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-16.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-16.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-16.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-16.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-16.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-16.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 $16,800 resistance might call for a move towards the $17,000 resistance. The next major resistance is near $17,240, above which the price might gain pace and rise towards the $18,000 level.<\/p>\n<h2>More Downsides in BTC?<\/h2>\n<p>If bitcoin fails to clear the $16,800 resistance, there could be more downsides. An immediate support on the downside is near the $16,400 level.<\/p>\n<p>The next major support is near the $16,250 zone. A downside break below the $16,250 support might call for a drop towards the $16,000 level. 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 near the 50 level.<\/p>\n<p>Major Support Levels \u2013 $16,250, followed by $16,000.<\/p>\n<p>Major Resistance Levels \u2013 $16,650, $16,800 and $17,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined further and traded below $16,500. BTC is correcting losses, but it could struggle to climb above the $16,700 and $17,000 resistance levels. Bitcoin extended its decline below the $17,000 and $16,500 support levels. The price is trading below $16,800 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could resume its decline unless there is a clear move above $17,000 and the 100 hourly SMA. Bitcoin Price Signals Bearish Bias Bitcoin price settled below the $17,200 support level to move into a bearish zone. BTC gained pace below the $17,000 and $16,800 support levels. The price even declined below the $16,500 support and settled below the 100 hourly simple moving average. It tested the $16,200 zone. A low is formed near $16,260 and the price is now correcting losses. There was a minor increase above the $16,500 resistance zone. The price climbed above the 50% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low. Bitcoin price is now trading below $16,800 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,650 zone. There is also a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low. The first major resistance is near the $16,800 zone and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com A clear move above the $16,800 resistance might call for a move towards the $17,000 resistance. The next major resistance is near $17,240, above which the price might gain pace and rise towards the $18,000 level. More Downsides in BTC? If bitcoin fails to clear the $16,800 resistance, there could be more downsides. An immediate support on the downside is near the $16,400 level. The next major support is near the $16,250 zone. A downside break below the $16,250 support might call for a drop towards the $16,000 level. 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 near the 50 level. Major Support Levels \u2013 $16,250, followed by $16,000. Major Resistance Levels \u2013 $16,650, $16,800 and $17,000.<\/p>\n","protected":false},"author":67,"featured_media":460738,"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-512992","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 Topside Bias Vulnerable If It Continues To Struggle Below $17K<\/title>\n<meta name=\"description\" content=\"Bitcoin price declined further and traded below $16,500. 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