Bitcoin Struggles Under $17,000 – Quick Daily Outlook
Bitcoin’s price struggled to break through the $17,000 barrier. BTC appears to be creating a double-top pattern and may go below the $16,000 support level. Bitcoin struggled to rebound from the $15,500 support level. BTC has surpassed the $16,000 and $16,500 barrier levels.
It even broke through $16,300 and the 100 hourly simple moving average. The bears, on the other hand, were active near the $16,800 mark. The price appears to have seen another strong rejection near the $16,800 mark and is developing a double-top pattern. Bitcoin’s price began a new drop from the $16,800 level.
Bitcoin (BTC/USD) Technical Outlook
On the hourly chart of the BTC/USD pair, there was a breach below a crucial bullish trend line with support near $16,420.It’s getting close to the 23.6% Fibonacci retracement level of the latest rise from the $15,470 swing low to the $16,791 high. Furthermore, it trades above $16,300 and the 100 hourly simple moving average.
On the upswing, an immediate resistance level is near $16,600.
The first significant resistance is located near $16,800. A successful break above the $16,800 resistance level could signal the start of a genuine recovery wave. The next big barrier is near $17,000, at which point the price may accelerate toward the $17,500 zone. If bitcoin is unable to break through the $16,800 barrier, it may continue to fall.
On the downside, there is immediate support near the $16,280 level and the 100 hourly simple moving average. The next key support is in the $16,130 zone, or the 50% Fib retracement level of the recent rise from the $15,470 swing low to the $16,791 high, below which the price may begin to decline. In the aforementioned scenario, the price could fall toward the $15,500 support zone.
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