Bitcoin price plummeted further and traded below $16,500. BTC is recouping losses, but it may struggle to break through the $16,700 and $17,000 barrier levels. BITCOIN fell underneath the $17,200 support line, entering a bearish zone.

BTC has been gaining ground below the $17,000 and $16,800 support levels. The price fell below the $16,500 support level and closed below the 100 hourly simple moving average.

It was trading at around $16,200. The price has fallen to nearly $16,260 and is now repairing losses. Just above the $16,500 resistance level, there was a slight uptick. The price has risen above the 50% Fib retracement line of the latest dip from the swing high of $16,865 to the low of $16,260.

The bitcoin price is currently trading below $16,800 and the 100 hourly simple moving average. On the upswing, an initial resistance level is near $16,650. There is also a connecting negative trend line forming with a resistance of approximately $16,650 on the hourly chart of the BTC/USD pair.

Bitcoin (BTC/USD) Technical Outlook

The trend line is close to the 61.8% Fib retracement level of the current collapse from the swing high of $16,865 to the low of $16,260. The first significant barrier is located near the $16,800 level and the 100 hourly simple moving average.

A clear break above the $16,800 resistance level may signal a move toward the $17,000 level. The next big barrier is near $17,240, and the price might gain momentum and surge toward the $18,000 mark.

If bitcoin fails to break over the $16,800 barrier level, there could be further repercussions. On the downside, there is immediate support near the $16,400 mark.

The next significant support level is around $16,250. A break underneath the $16,250 support level may signal a slide toward the $16,000 level. Any more losses might bring the price towards $15,500.