Bitcoin Price Grinds Lower, More Losses Seem Imminent

Dec 29, 2022 08:00 am Cryptocurrency 119

Bitcoin price is slowly moving lower from the $17,000 resistance. BTC could continue to move down towards the $16,000 support zone.

Bitcoin started a fresh decline after it failed to clear the $17,000 and $17,200 resistance levels.

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

There is a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could drop further if there is a clear move below the $16,500 support zone.

Bitcoin Price Extends Losses

Bitcoin price failed to gain pace above the $17,000 resistance zone. BTC started a fresh decline below the $16,800 support zone to move into a bearish zone.

The price even traded below the $16,650 support zone and the 100 hourly simple moving average. It traded as low as $16,453 and is currently consolidating losses. The price is clearly trading in a bearish zone below $16,700 ..

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