Bitcoin Price Close Above $17.5K Could Spark Larger Degree Recovery

Dec 26, 2022 04:00 am Cryptocurrency 133

Bitcoin price is attempting an upside break above $17,000. BTC could start a steady recovery if it clears the $17,000 and $17,200 resistance levels.

Bitcoin is attempting an upside break above the $17,000 and $17,200 levels.

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

There was a break above a key bearish trend line with resistance near $16,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could attempt a fresh increase if there is a clear move above the $17,200 resistance zone.

Bitcoin Price Eyes Upside Break

Bitcoin price managed to stay above the $16,550 zone. A base was formed and the price started a fresh increase above the $16,700 resistance zone. BTC even climbed above the $16,800 resistance and the 100 hourly simple moving average.

There was a clear move above the 50% Fib retracement level of the downward move from the $17,067 swing high to $16,565 low. ..

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