Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $17K

Dec 20, 2022 04:00 am Cryptocurrency 148

Bitcoin price declined further and traded below $16,500. BTC is correcting losses, but it could struggle to climb above the $16,700 and $17,000 resistance levels.

Bitcoin extended its decline below the $17,000 and $16,500 support levels.

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

There is a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could resume its decline unless there is a clear move above $17,000 and the 100 hourly SMA.

Bitcoin Price Signals Bearish Bias

Bitcoin price settled below the $17,200 support level to move into a bearish zone. BTC gained pace below the $17,000 and $16,800 support levels. The price even declined below the $16,500 support and settled below the 100 hourly simple moving average.

It tested the $16,200 zone. A low is formed near $16,260 and the price is now correcting losses. There was a minor increase ..

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