Bitcoin Price Grinds Lower, Why The Bears Are Not Done Yet

Nov 21, 2022 04:00 am Cryptocurrency 111

Bitcoin price is slowly moving lower towards $15,500. BTC remains at a risk of more losses unless it settles above the $17,000 resistance zone.

Bitcoin started a fresh decline below the $16,500 and $16,400 levels.

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

There is a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a decent increase if there is a move above the $16,500 resistance zone.

Bitcoin Price Restarts Decline

Bitcoin price failed to gain pace above the $17,000 resistance. BTC struggled to stay above the $16,650 level and started a fresh decline.

The recent swing high was formed near $16,795 before the price dropped below the $16,500 support. There was a close below the $16,500 zone and the 100 hourly simple moving ..

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