Bitcoin price is struggling to clear the $17,000 resistance. BTC remains at a risk of more downsides below the $16,000 support zone before the year end.
- Bitcoin is showing bearish signs below the $17,000 and $17,200 resistance levels.
- The price is trading below $16,700 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could resume its decline if it stays below the $17,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin price gained pace below the $16,800 support zone. BTC even extended its decline below the $16,700 level and the 100 hourly simple moving average.
The price traded as low as $16,453 and is currently correcting losses. There was a move above the $16,500 and $16,550 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.There was also a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair. However, bitcoin price is now trading below $16,700 and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $16,650 level. The first major resistance is near the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.