Bitcoin Price Shows Signs of Life and Could Soon Clear This Hurdle

Dec 23, 2022 04:00 am Cryptocurrency 122

Bitcoin price is attempting an upside break above $16,800. BTC could start a decent increase if it clears the $16,800 and $17,000 resistance levels.

Bitcoin is still facing a strong resistance near $17,000 and $17,200.

The price is trading above $16,700 and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $16,800 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 $17,000 resistance zone.

Bitcoin Price Eyes Recovery

Bitcoin price remained stable above the $16,500 zone. BTC attempted an upside break above the $17,000 resistance, but it faced sellers.

A high was formed near $17,067 and the price started a downside correction. There was a move below the $16,800 level and the 100 hourly simple moving average. The price declined below the 50% Fib retracement level of the up move from the $16,260 swing ..

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