Bitcoin Price Struggles Above $17K, Why BTC Is Still In Bullish Zone

Jan 10, 2023 04:00 am Cryptocurrency 163

Bitcoin price extended its rise and traded towards $17,400. BTC is correcting gains, but it remains well supported near the $17,000 zone.

Bitcoin extended its increase above the $17,000 and $17,200 resistance levels.

The price is trading above $17,000 and the 100 hourly simple moving average.

There is a key bullish trend line forming with support near $16,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could rise further if it stays above the $17,000 support and the trend line.

Bitcoin Price Extends Increase

Bitcoin price remained in a positive zone above the $16,800 level. BTC extended its increase after there was a clear close above the $17,000 level and the 100 hourly simple moving average.

The price gained pace and traded above the $17,250 level. It traded to a new yearly high at $17,391 before the bears appeared. There was a minor downside correction below the $17,250 level. It is now trading ..

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