Bitcoin’s price fell further and tested the $16,000 support level. BTC is developing a base and may shortly break through the $16,500 resistance level. Bitcoin’s price began a downward reversal from the $16,800 barrier level. BITCOIN fell below the $16,500 support level and the 100 hourly simple moving average.

The price fell below $16,200, but bulls were aggressive at the $16,000 support zone. A bottom at $16,000 was formed, and the price is now accumulating losses. Above $16,200, there was a slight increase.

The bitcoin price is currently trading below $16,500 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a strong negative trend line is forming with resistance near $16,500.

Bitcoin (BTC/USD) Technical Outlook

On the upside, an immediate resistance level is near $16,300. It is close to the 50% Fib retracement level of the decline from the swing high of $16,588 to the low of $16,000. The first significant resistance is located in the $16,500 zone, between the trend line and the 100 hourly simple moving average.

The trend line is close to the 76.4% Fib retracement level of the decline from the swing high of $16,588 to the low of $16,000. A successful break above the $16,500 resistance level could kick-start a solid uptrend. The next big barrier is near $16,800, at which point the price may accelerate toward the $17,500 zone.

If bitcoin fails to break through the $16,500 barrier, it may struggle to stay in the green. On the downside, there is immediate support near the $16,130 level. The next key support is near $16,000, below which the price will continue to fall. In the aforementioned scenario, the price could fall toward the $15,500 support zone.