Bitcoin Slips Under $17,000 Mark – Here’s Why!

Bitcoin’s price increased further and tested the $17,500 resistance level. BTC/USD has retraced its gains but remains solidly supported above the $16,800 level. Bitcoin’s price closed above the $17,000 barrier level and continued to rise.

BTC broke through the resistance levels of $17,100 and $17,200. The price rose beyond $17,400 and was trading toward the $17,500 barrier level. On the other hand, the bears were active near the $17,500 resistance level. A high was near $17,440, and the price began declining.

Bitcoin’s price fell below $17,200 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there was a breach below a significant bullish trend line with support near $17,050. The price has dropped as low as $16,888 and is now climbing.

It trades close to $17,000 and the 100 hourly simple moving average. It is trading above the latest slide’s 23.6% Fib retracement level from the swing high of $17,440 to the low of $16,888.

Bitcoin (BTC/USD) Technical Outlook

On the upside, an immediate resistance level is near $17,165. It is close to the 50% Fib retracement level of the latest slide from the swing high of $17,440 to the low of $16,888. The first big obstacle is near $17,250, and the price may begin another steady rise.

The price could move toward the $17,500 resistance in the scenario above. The next big barrier is near $17,650, above which the price will rise in the near term toward the $18,000 zone.

If Bitcoin fails to break over the $17,165 barrier level, there could be further negatives. On the downside, there is immediate support near $16,850. The next major support is near the $16,800 zone.

A break below the $16,800 support level may signal a move toward $16,500. Any further losses could potentially test the critical $16,000 support zone in the near term.