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{"id":509908,"date":"2022-11-24T03:39:36","date_gmt":"2022-11-24T03:39:36","guid":{"rendered":"https:\/\/uniquehot.com\/?p=509908"},"modified":"2024-06-11T07:51:09","modified_gmt":"2024-06-11T07:51:09","slug":"bitcoin-price-prediction-recovery-17k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-prediction-recovery-17k\/","title":{"rendered":"Bitcoin Price Prediction: Recovery Just Getting Started or It\u2019s Bull Trap?"},"content":{"rendered":"

Bitcoin price gained pace and was able to clear $16,500. BTC must settle above $17,000 to start a real recovery in the near term.<\/em><\/p>\n

\n
Bitcoin started an upside correction and climbed above the $16,500 resistance.<\/li>\n
The price is trading above $16,400 and the 100 hourly simple moving average.<\/li>\n
There was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could continue to rise if it settles above the $17,000 resistance zone.<\/li>\n<\/ul>\n
Bitcoin Price Recovers<\/h2>\n
Bitcoin price formed a decent support base<\/a> above the $15,500 support zone. BTC remained well bid and started an upside correction above the $16,000 resistance.<\/p>\n
There was a clear move above the 50% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low. Besides, there was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin price is now trading above $16,400 and the 100 hourly simple moving average<\/a>. It is also well above the 76.4% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low.<\/p>\n
On the upside, an immediate resistance is near the $16,800 level. The first major resistance is near the $17,000 zone. A successful daily close above the $17,000 resistance might start a real recovery wave. The next major resistance is near $17,500, above which the price could gain pace for a move towards the $18,000 zone.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/p>\n
An intermediate resistance could be $17,650. It is near the 1.618 Fib extension level of the main drop from the $16,795 swing high to $15,470 low.<\/p>\n
Fresh Drop in BTC?<\/h2>\n
If bitcoin fails to settle above the $17,000 resistance zone, it could start another decline. An immediate support on the downside is near the $16,500 level and a connecting bullish trend line on the same chart.<\/p>\n
The next major support is near the $16,250 zone and the 100 hourly simple moving average, below which the price might gain bearish momentum. In the stated case, the price might drop towards the $15,500 support zone.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $16,500, followed by $16,250.<\/p>\n
Major Resistance Levels \u2013 $16,800, $17,000 and $18,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price gained pace and was able to clear $16,500. BTC must settle above $17,000 to start a real recovery in the near term. Bitcoin started an upside correction and climbed above the $16,500 resistance. The price is trading above $16,400 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue to rise if it settles above the $17,000 resistance zone. Bitcoin Price Recovers Bitcoin price formed a decent support base above the $15,500 support zone. BTC remained well bid and started an upside correction above the $16,000 resistance. There was a clear move above the 50% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low. Besides, there was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading above $16,400 and the 100 hourly simple moving average. It is also well above the 76.4% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low. On the upside, an immediate resistance is near the $16,800 level. The first major resistance is near the $17,000 zone. A successful daily close above the $17,000 resistance might start a real recovery wave. The next major resistance is near $17,500, above which the price could gain pace for a move towards the $18,000 zone. Source: BTCUSD on TradingView.com An intermediate resistance could be $17,650. It is near the 1.618 Fib extension level of the main drop from the $16,795 swing high to $15,470 low. Fresh Drop in BTC? If bitcoin fails to settle above the $17,000 resistance zone, it could start another decline. An immediate support on the downside is near the $16,500 level and a connecting bullish trend line on the same chart. The next major support is near the $16,250 zone and the 100 hourly simple moving average, below which the price might gain bearish momentum. In the stated case, the price might drop towards the $15,500 support zone. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $16,500, followed by $16,250. Major Resistance Levels \u2013 $16,800, $17,000 and $18,000.<\/p>\n","protected":false},"author":67,"featured_media":462274,"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-509908","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 Prediction: Recovery Just Getting Started or It\u2019s Bull Trap?<\/title>\n<meta name=\"description\" content=\"Bitcoin price gained pace and was able to clear $16,500. 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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:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Prediction: Recovery Just Getting Started or It\u2019s Bull Trap?","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-prediction-recovery-17k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-prediction-recovery-17k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Depositphotos_179514440_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Depositphotos_179514440_s-2019.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2022-11-24T03:39:36Z","datePublished":"2022-11-24T03:39:36Z","dateModified":"2024-06-11T07:51:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Prediction: Recovery Just Getting Started or It\\u2019s Bull Trap?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-prediction-recovery-17k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-prediction-recovery-17k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Depositphotos_179514440_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Depositphotos_179514440_s-2019.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2022-11-24T03:39:36Z\",\"datePublished\":\"2022-11-24T03:39:36Z\",\"dateModified\":\"2024-06-11T07:51:09Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Depositphotos_179514440_s-2019.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/509908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=509908"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/509908\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/462274"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=509908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=509908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=509908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}