Bitcoin Price Clears $17K, Why Dips Turn Attractive In Short-Term

Dec 1, 2022 04:00 am Cryptocurrency 189

Bitcoin price was able to clear the $17,000 resistance. BTC is consolidating gains and might remain supported above the $16,750 level.

Bitcoin gained pace and cleared the $16,800 and $17,000 resistance levels.

The price is trading above $16,800 and the 100 hourly simple moving average.

There is a key bullish trend line forming with support near $16,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could rise further if it stays above the $16,500 support zone.

Bitcoin Price Extends Gains

Bitcoin price remained well bid above the $16,500 support zone. BTC gained pace and was able to clear the $16,800 resistance zone plus the 100 hourly simple moving average.

The upward move was such that the price even surpassed the $17,000 resistance zone. It traded as high as $17,250 before the bulls faced sellers. It is now consolidating gains above the $17,000 level. The price is trading near the 23.6% Fib retracement level of ..

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