Bitcoin Is Struggling Under $17,000 – Should You Sell Now?

Bitcoin sees resistance near $17,000. Unless there is a big rise over the $17,000 resistance zone, BTC could begin another drop. Bitcoin’s price found support near $16,250. BTC fell as low as $16,260 before starting a recovery wave. There was a clear move just above the $16,500 and $16,600 levels.

The bulls successfully pushed the price over the $16,800 resistance level and the 100 hourly simple moving average. The price even broke through the $17,000 barrier, but the upside was restricted. A high near $17,067 was achieved, and the price is presently trading in a range.

BITCOIN price fell below the 23.6% Fib retracement level of the upward run from the swing low of $16,260 to the high of $17,067. It is now trading above the $16,800 mark and the 100 hourly simple moving average.

Bitcoin (BTC/USD) Technical Outlook

On the hourly chart of the BTC/USD pair, a rising channel is formed with resistance near $17,000. On the upside, the next resistance level is nearly $17,000. The first major resistance level is at $17,200. A clear break well above the $17,200 resistance level may signal a move toward the $17,500 level.

The next significant barrier is approaching $18,000, above which the price may pick up momentum and go toward the $18,450 resistance zone in the upcoming sessions. If bitcoin fails to break through the $17,000 barrier, it could fall further. On the downside, there is immediate support between the $16,800 mark and the channel trend line.

The next significant support level is $16,650. It is near the 50% Fib retracement level of the upward advance from the swing low of $16,260 to the high of $17,067. A break underneath the $16,650 support level might lead to a decline to the $16,260 level. Any further declines could push the price to $16,000 or lower.