Bitcoin Price Could End The Year Further Lower, Key Resistance Intact

Dec 30, 2022 06:00 am Cryptocurrency 112

Bitcoin price is struggling to clear the $17,000 resistance. BTC remains at a risk of more downsides below the $16,000 support zone before the year end.

Bitcoin is showing bearish signs below the $17,000 and $17,200 resistance levels.

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

There was a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could resume its decline if it stays below the $17,000 resistance zone.

Bitcoin Price Faces Resistance

Bitcoin price gained pace below the $16,800 support zone. BTC even extended its decline below the $16,700 level and the 100 hourly simple moving average.

The price traded as low as $16,453 and is currently correcting losses. There was a move above the $16,500 and $16,550 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 ..

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