Bitcoin Price Consolidates In Key Range, What Could Trigger Next Move

Jan 2, 2023 04:00 am Cryptocurrency 172

Bitcoin price is still facing resistance below $17,000. BTC could decline heavily if there is a clear move below the $16,000 support zone.

Bitcoin is still showing bearish signs below the $16,800 and $17,000 resistance levels.

The price is trading above $16,500 and the 100 hourly simple moving average.

There was a break above a key bearish trend line with resistance near $16,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could resume its decline if there is a clear move below the $16,000 support.

Bitcoin Price Remains In Downtrend

Bitcoin price spiked below the $16,500 support zone. However, BTC bulls were active above the $16,200 level. The price traded as low as $16,325 and recently started an upside correction.

There was a minor recovery wave above the $16,500 level. The price climbed above the $16,600 level and the 100 hourly simple moving average. However, the bears were active near the $16,680 zone. A ..

Support the originator by clicking the read the rest link below.