{"id":3739,"date":"2022-12-20T04:41:00","date_gmt":"2022-12-20T03:41:00","guid":{"rendered":"https:\/\/europepublic.com\/bitcoin-price-topside-bias-vulnerable-if-it-continues-to-struggle-below-17k\/"},"modified":"2022-12-20T04:41:00","modified_gmt":"2022-12-20T03:41:00","slug":"bitcoin-price-topside-bias-vulnerable-if-it-continues-to-struggle-below-17k","status":"publish","type":"post","link":"https:\/\/europepublic.com\/bitcoin-price-topside-bias-vulnerable-if-it-continues-to-struggle-below-17k\/","title":{"rendered":"Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $17K"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>Bitcoin price declined further and traded below $16,500. BTC is correcting losses, but it could struggle to climb above the $16,700 and $17,000 resistance levels.<\/em><\/p>\n<ul>\n<li>Bitcoin extended its decline below the $17,000 and $16,500 support levels.<\/li>\n<li>The price is trading below $16,800 and the 100 hourly simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could resume its decline unless there is a clear move above $17,000 and the 100 hourly SMA.<\/li>\n<\/ul>\n<h2>Bitcoin Price Signals Bearish Bias<\/h2>\n<p>Bitcoin price settled below the $17,200 support level to move into a <a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-bearish-16-5k\/\" target=\"_blank\" rel=\"noopener\">bearish zone<\/a>. BTC gained pace below the $17,000 and $16,800 support levels. The price even declined below the $16,500 support and settled below the 100 hourly simple moving average.<\/p>\n<p>It tested the $16,200 zone. A low is formed near $16,260 and the price is now correcting losses. There was a minor increase above the $16,500 resistance zone. The price climbed above the 50% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low.<\/p>\n<p>Bitcoin price is now trading below $16,800 and the <a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-prediction-btc-16k\/\" target=\"_blank\" rel=\"noopener\">100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $16,650 zone. There is also a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The trend line is near the 61.8% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low. The first major resistance is near the $16,800 zone and the 100 hourly simple moving average.<\/p>\n<p><a href=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Bitcoin-16.png\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"nofollow noopener\">BTCUSD on TradingView.com<\/a><\/p>\n<p>A clear move above the $16,800 resistance might call for a move towards the $17,000 resistance. The next major resistance is near $17,240, above which the price might gain pace and rise towards the $18,000 level.<\/p>\n<h2>More Downsides in BTC?<\/h2>\n<p>If bitcoin fails to clear the $16,800 resistance, there could be more downsides. An immediate support on the downside is near the $16,400 level.<\/p>\n<p>The next major support is near the $16,250 zone. A downside break below the $16,250 support might call for a drop towards the $16,000 level. Any more losses might send the price towards $15,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n<p>Major Support Levels \u2013 $16,250, followed by $16,000.<\/p>\n<p>Major Resistance Levels \u2013 $16,650, $16,800 and $17,000.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-vulnerable-below-17k\/\" target=\"_blank\" rel=\"noopener\">Source link: https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-vulnerable-below-17k\/  <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined further and traded below $16,500. BTC is correcting losses, but it could struggle to climb above the $16,700 and $17,000 resistance levels. Bitcoin extended its decline below the $17,000 and $16,500 support levels. The price is trading below $16,800 and the 100 hourly simple moving average. There is a connecting bearish trend [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[6898,3078,577,140,431,3960,7325,1134],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/newsbtc.com\/wp-content\/uploads\/2021\/04\/shutterstock_1418423411.jpg?fit=%2C&ssl=1","_links":{"self":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/posts\/3739"}],"collection":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/comments?post=3739"}],"version-history":[{"count":0,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/posts\/3739\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/media\/3740"}],"wp:attachment":[{"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/media?parent=3739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/categories?post=3739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/europepublic.com\/wp-json\/wp\/v2\/tags?post=3739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}