Bitcoin price is slowly moving lower from the $17,000 resistance. BTC could continue to move down towards the $16,000 support zone.
Bitcoin started a fresh decline after it failed to clear the $17,000 and $17,200 resistance levels.
The price is trading below $16,700 and the 100 hourly simple moving average.
There is a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could drop further if there is a clear move below the $16,500 support zone.
Bitcoin price failed to gain pace above the $17,000 resistance zone. BTC started a fresh decline below the $16,800 support zone to move into a bearish zone.
The price even traded below the $16,650 support zone and the 100 hourly simple moving average. It traded as low as $16,453 and is currently consolidating losses. The price is clearly trading in a bearish zone below $16,700 and the 100 hourly simple moving average.
Bitcoin price is now facing resistance near the $16,580 level. It is close to the 23.6% Fib retracement level of the downward move from the $16,961 swing high to $16,453 low. There is also a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $16,700 zone and the 100 hourly SMA. It is close to the 50% key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The main hurdle is still near the $17,000 level. A proper close above the $17,000 resistance might start a steady increase in the near term. The next major resistance is near $17,200, above which the price rise towards the $17,500 resistance zone.
If bitcoin fails to start a recovery wave above the $16,700 resistance, it could continue to move down. An immediate support on the downside is near the $16,450 level.
The next major support is near the $16,200 level. A downside break below the $16,200 support might spark a move towards the $16,000 level. Any more losses might send the price towards $15,550.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $16,450, followed by $16,200.
Major Resistance Levels – $16,700, $17,000 and $17,200.
Bitcoin price is slowly moving lower from the $17,000 resistance. BTC could continue to move down towards the $16,000 support zone.
Bitcoin started a fresh decline after it failed to clear the $17,000 and $17,200 resistance levels.
The price is trading below $16,700 and the 100 hourly simple moving average.
There is a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could drop further if there is a clear move below the $16,500 support zone.
Bitcoin price failed to gain pace above the $17,000 resistance zone. BTC started a fresh decline below the $16,800 support zone to move into a bearish zone.
The price even traded below the $16,650 support zone and the 100 hourly simple moving average. It traded as low as $16,453 and is currently consolidating losses. The price is clearly trading in a bearish zone below $16,700 and the 100 hourly simple moving average.
Bitcoin price is now facing resistance near the $16,580 level. It is close to the 23.6% Fib retracement level of the downward move from the $16,961 swing high to $16,453 low. There is also a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $16,700 zone and the 100 hourly SMA. It is close to the 50% key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The main hurdle is still near the $17,000 level. A proper close above the $17,000 resistance might start a steady increase in the near term. The next major resistance is near $17,200, above which the price rise towards the $17,500 resistance zone.
If bitcoin fails to start a recovery wave above the $16,700 resistance, it could continue to move down. An immediate support on the downside is near the $16,450 level.
The next major support is near the $16,200 level. A downside break below the $16,200 support might spark a move towards the $16,000 level. Any more losses might send the price towards $15,550.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $16,450, followed by $16,200.
Major Resistance Levels – $16,700, $17,000 and $17,200.
Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
NewsBTCRead More
Polymarket only sees a 16% chance that the Donald Trump will order the creation of…
In a new investor note published on January 29, 2025, Matt Hougan, Chief Investment Officer…
If someone told you that stock market investors are offloading their cherished holdings, you will…
Bitcoin price started a fresh upward move above $102,000. BTC is rising and might gain…
Elon Musk's Tesla (TSLA) appeared to take advantage of a new accounting rule allowing for…
According to a TradingView crypto analyst named ‘TradingShot,’ the Bitcoin price has formed a Double…
