Bitcoin price bounced off the $15,400 price level and staged a recovery over the past day. In the last 24 hours, BTC has been moving sideways after claiming the $16,000 price mark.
Since the coin is trading sideways at the moment after the recovery, Bitcoin awaits a breakout. The coin will have to move above the $16,600 mark in order for the bears to be invalidated.
Now that Bitcoin is closer to the aforementioned price resistance mark, there could be a chance for BTC to move to the $17,000 price zone.
Buyers need to step up in order for the coin to move above the $16,600 price mark. The coin’s technical outlook confirms that it is trending upward on its chart.
The buying strength has, however, remained low despite an uptick on the one-day chart.
Bitcoin Price Analysis: One-Day Chart
Bitcoin was priced at $16,500 on the one-day chart | Source: BTCUSD on TradingView
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