Bitcoin is seeking to break out above $16,800. It might begin a solid rise if BTC clears the $16,800 and $17,000 resistance levels.

Bitcoin’s price stayed constant at $16,500. BTC attempted to break just above the $17,000 resistance but was met with sellers.

A high was made near $17,067, and the price began to decline. The price fell below $16,800 and the 100-hourly simple moving average. The price fell below the 50% Fib is a bullish trend from the swing low of $16,260 to the high of $17,067.

BITCOIN price challenged the $16,550 mark and found support there. It maintained above the 61.8% Fib retracement level of the up advance from the swing low of $16,260 to the high of $17,067.

Bitcoin (BTC/USD) Technical Outlook

The price recovered its losses and surpassed $16,700. It is now trading above the $16,700 mark and the 100 hourly simple moving average. On the upswing, an immediate resistance level is near $16,800. On the hourly chart of the BTC/USD pair, a strong negative trend line is forming with resistance near $16,800.

The first significant resistance is located near the $17,000 level. A clear break above the $17,000 resistance level may encourage bulls to push the price above the $17,200 level. If they are successful, the price may exceed $17,500. The next significant barrier is nearly $18,000, and the price will continue to rise toward the $18,500 resistance zone.

A new dip is possible if bitcoin fails to break through the $17,000 barrier. On the downside, immediate support is near the $16,750 level and the 100 hourly SMA.

The next big support is around $16,550. A break below the $16,550 support level may signal a move toward the $16,350 level. Any further declines could push the price to $16,000 or lower.