Bitcoin Price Key Indicators Suggest Strengthening Case For Upside Break

Jan 4, 2023 02:00 am Cryptocurrency 143

Bitcoin price is attempting an upside break above $16,800. BTC could gain bullish momentum if it clears the $16,800 and $17,000 levels.

Bitcoin is still trading in a major range below the $16,800 and $17,000 resistance levels.

The price is trading above $16,600 and the 100 hourly simple moving average.

There is a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could gain bullish momentum if it settles above the $16,800 resistance.

Bitcoin Price Eyes Upside Break

Bitcoin price formed a base above the $16,350 support zone. BTC started a slow increase and was able to clear the $16,650 resistance zone. The price even spiked towards the $16,800 resistance zone.

However, there was no upside break above $16,800. A high was formed near $16,770 and the price started a downside correction. There was a drop below the $16,700 level, but the bulls are active ..

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