Bitcoin Price Starts Technical Correction, Here’s Key Support To Watch

Dec 2, 2022 04:00 am Cryptocurrency 112

Bitcoin price traded above the $17,000 resistance. BTC is correcting gains and might decline towards the $16,650 support zone in the near term.

Bitcoin gained pace and cleared the $17,000 and $17,200 resistance levels.

The price is trading above $16,650 and the 100 hourly simple moving average.

There was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could correct lower towards the $16,650 and $16,500 support levels.

Bitcoin Price Faces Bears

Bitcoin price attempted a steady increase above the $17,000 resistance zone. It even broke the $17,200 level and settled above the 100 hourly simple moving average.

However, the bears were active above the $17,200 level. A high was formed near $17,319 before the price started a downside correction. There was a move below the $17,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $16,000 ..

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