Bitcoin’s price has continued to fall below $17,000. If BTC closes just above the $17,000 resistance zone, it could avoid a significant loss. The BTC price has yet to stay above the $17,000 pivot mark. BTC bears were active, with a push underneath the $16,800 support level.

The BITCOIN price fell below the 100 hourly simple moving average after testing the $16,700 mark. The price has produced a low near $16,700 and is now consolidating losses. Just above the $16,800 resistance level, there was a slight uptick.

Bitcoin’s price has risen above the 23.6% Fibonacci retracement level of the latest slide from the swing high of $17,130 to the low of $16,700. It trades under $17,000 and below the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key negative trend line is forming with resistance near $16,920.

Bitcoin (BTC/USD) Technical Outlook

On the upside, the negative trend line and the $16,920 mark act as immediate resistance. It is close to the 50% Fib retracement level of the latest slide from the swing high of $17,130 to the low of $16,700. The first big obstacle is near $17,000, and the price may begin another steady rise.

In the aforementioned scenario, the price might move toward the $17,200 resistance. The next big barrier is near $17,450, above which the price will rise in the near term toward the $18,000 zone.

If Bitcoin fails to break through the $17,000 barrier level, there could be further drawbacks. On the downside, there is immediate support near $16,700.

The next big support level is at $16,500. A breach below the $16,500 support level could signal a slide toward $16,000. In the short term, further losses propel the price toward the $15,500 pivot zone.