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{"id":510033,"date":"2022-11-25T02:56:35","date_gmt":"2022-11-25T02:56:35","guid":{"rendered":"https:\/\/uniquehot.com\/?p=510033"},"modified":"2024-06-11T07:51:03","modified_gmt":"2024-06-11T07:51:03","slug":"bitcoin-price-faces-rejection-17k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-faces-rejection-17k\/","title":{"rendered":"Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]Bitcoin price struggled to clear the $17,000 resistance. BTC seems to be forming a double top pattern and might dive below the $16,000 support.<\/em><\/p>\n

\n
Bitcoin attempted an upside break above the $17,000 resistance, but failed.<\/li>\n
The price is trading above $16,300 and the 100 hourly simple moving average.<\/li>\n
There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could continue to decline if it breaks the $16,000 support zone.<\/li>\n<\/ul>\n
Bitcoin Price Struggle Continues<\/h2>\n
Bitcoin price attempted a recovery wave from the $15,500 support zone<\/a>. BTC climbed above the $16,000 and $16,500 resistance levels.<\/p>\n
It even settled above the $16,300 level and the 100 hourly simple moving average. However, the bears were active near the $16,800 zone. It seems like the price faced another major rejection near the $16,800 level and is forming a double top pattern.<\/p>\n
Bitcoin price<\/a> started a fresh decline from the $16,800 zone. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair.<\/p>\n
It is now approaching the 23.6% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,600 level.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/p>\n
The first major resistance is near the $16,800 zone. A successful move above the $16,800 resistance might start a real recovery wave. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $17,500 zone.<\/p>\n
Fresh Decline in BTC?<\/h2>\n
If bitcoin fails to climb above the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,280 level and the 100 hourly simple moving average.<\/p>\n
The next major support is near the $16,130 zone or the 50% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high, 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 bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $16,280, followed by $16,130.<\/p>\n
Major Resistance Levels \u2013 $16,800<\/em>, $17,000 and $18,000.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"
[vc_row][vc_column][vc_column_text]Bitcoin price struggled to clear the $17,000 resistance. BTC seems to be forming a double top pattern and might dive below the $16,000 support. Bitcoin attempted an upside break above the $17,000 resistance, but failed. The price is trading above $16,300 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue to decline if it breaks the $16,000 support zone. Bitcoin Price Struggle Continues Bitcoin price attempted a recovery wave from the $15,500 support zone. BTC climbed above the $16,000 and $16,500 resistance levels. It even settled above the $16,300 level and the 100 hourly simple moving average. However, the bears were active near the $16,800 zone. It seems like the price faced another major rejection near the $16,800 level and is forming a double top pattern. Bitcoin price started a fresh decline from the $16,800 zone. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC\/USD pair. It is now approaching the 23.6% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,600 level. Source: BTCUSD on TradingView.com The first major resistance is near the $16,800 zone. A successful move above the $16,800 resistance might start a real recovery wave. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $17,500 zone. Fresh Decline in BTC? If bitcoin fails to climb above the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,280 level and the 100 hourly simple moving average. The next major support is near the $16,130 zone or the 50% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high, 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 bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $16,280, followed by $16,130. Major Resistance Levels \u2013 $16,800, $17,000 and $18,000.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":67,"featured_media":464592,"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-510033","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 Faces Rejection, Why BTC Could Resume Its Downtrend<\/title>\n<meta name=\"description\" content=\"Bitcoin price struggled to clear the $17,000 resistance. 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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 Faces Rejection, Why BTC Could Resume Its Downtrend","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-faces-rejection-17k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-faces-rejection-17k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_1146095702-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_1146095702-scaled.jpg?fit=2560%2C1810"},"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":"2022-11-25T02:56:35Z","datePublished":"2022-11-25T02:56:35Z","dateModified":"2024-06-11T07:51:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-faces-rejection-17k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-faces-rejection-17k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_1146095702-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_1146095702-scaled.jpg?fit=2560%2C1810\"},\"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\":\"2022-11-25T02:56:35Z\",\"datePublished\":\"2022-11-25T02:56:35Z\",\"dateModified\":\"2024-06-11T07:51:03Z\"}<\/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\/05\/shutterstock_1146095702-scaled.jpg?fit=2560%2C1810","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/510033","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=510033"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/510033\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/464592"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=510033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=510033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=510033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}