Bitcoin Slips to Retest $15,850: Can Triple Bottom Drive Reversal?

Bitcoin’s price is gradually falling toward $15,500. BTC is vulnerable to further losses unless it closes above the $17,000 resistance zone. Bitcoin’s price has failed to break through the $17,000 barrier. BTC failed to stay above $16,650 and began a new fall.

The most recent swing high was near $16,795 before the price fell below the $16,500 support level. A closing occurred underneath the $16,500 zone and the 100 hourly simple moving average. The bears even pushed the price down to $16,150.

The price has created a low near $16,156 and is now holding losses. On the upside, an immediate resistance level is near $16,300. It is around the 23.6% Fib retracement level of the latest slide from the swing high of $16,795 to the low of $16,156.

Bitcoin (BTC/USD) Technical Outlook

The first significant resistance is located near $16,400. On the hourly chart of the BTC/USD pair, a key negative trend line is forming with resistance near $16,390. The next major resistance is at $16,500. It is close to the recent slide’s 50% Fib retracement level from the swing high of $16,795 to the low of $16,156.

To enter the positive zone, BITCOIN must first overcome the trend line resistance and then the 100 hourly simple moving average. The next big resistance is near $17,000, and the price may accelerate toward the $18,000 zone. If bitcoin fails to break through the $16,400 resistance level, it may continue to fall. On the downside, there is immediate support near the $16,150 level.

The price may test the crucial support around $15,500 if it falls below the next major support near $16,000. A decisive break below the $15,500 support level might drive the price much lower.