Bitcoin Rebounds Above $17,000 – Daily BTC Outlook
Bitcoin has recovered over $1,500 and is now trading at $17,500. BTC failed to break through the $18,000 resistance and began a new slump.
Bitcoin has recovered over $1,500 and is now trading at $17,500. BTC failed to break through the $18,000 resistance and began a new slump.
Bitcoin’s price has dropped significantly below the $18,000 support level. FTX’s plunge is still harming the market, and there has been a significant drop near the $16,000 support zone.
The BITCOIN price has just begun an upward correction, similar to Ethereum, BNB, and Ripple. Above the $16,500 and $17,000 resistance levels, there was a sustained recovery wave. The price rose over the 23.6% Fib retracement level of the main slide from the swing high of $20,670 to the low of $15,555. On the hourly chart of the BTC/USD pair, a key bullish trend line is forming with support near $16,900.
The bitcoin price rose above $17,500 but battled near the $18,000 resistance zone. The 50% Fib retracement level of the main slide from the swing high of $20,670 to the low of $15,555 also served as significant resistance.
Bitcoin (BTC/USD) Technical Outlook
It trades under $18,500 and below the 100 hourly simple moving average. On the upside, an immediate resistance level is near $17,400. The first significant resistance is located at about the $18,000 level.
A clear break above the $18,000 resistance level could increase the price. The next significant barrier is approaching at $18,500, or the 100 hourly simple moving average, over which the price might test the $20,000 zone.
If Bitcoin fails to initiate a recovery wave over the $18,500 resistance level, it may continue to fall. On the downside, the trend line and the $16,900 level provide immediate support. The next significant support level is $16,750. A decisive break below the $16,750 support level might lower the price. The price may fall towards the $16,000 support level in this event.
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