Bitcoin’s price stayed solid at $16,700. BTC created a base and resumed its rise above the $17,000 resistance level. Bitcoin fell below the $16,800 support level. However, BITCOIN bears were unable to break through the $16,700 barrier. The price dropped as low as $16,700 before rising again.

There was a significant increase just above the $16,850 and $16,900 marks. The price broke through the 50% Fib retracement level of the drop from the swing high of $17,440 to the low of $16,700. Furthermore, the BTC/USD pair broke above a significant negative trend line with resistance above $16,875 on the hourly chart.

The bitcoin price is presently trading above $17,000 and above the 100 hourly simple moving average. It is also trading at the 76.4% Fibonacci retracement mark of the decline from the swing high of $17,440 to the low of $16,700.

Bitcoin Technical Outlook

On the upside, an immediate resistance level is near $17,280. The first big obstacle is near $17,450, beyond which the price may begin another steady rise. In the suggested scenario, the price could climb to the $18,000 barrier level. The next big barrier is near $18,250, above which the price will rise in the near term toward the $18,500 zone.

A new bearish reaction is possible if bitcoin fails to break through the $17,280 barrier level. On the downside, there is immediate support near $17,100. The next significant support is near $17,000 and the 100 hourly simple moving average. A breach below the $17,000 support level could signal a decline below $16,700. Any further declines could bring the price towards $16,200 in the short term.