BTC / USD
23,021.15
0.63%
(-145.46)
ETH / USD
1,576.79
1.31%
(-20.85)
XRP / USD
0.40
1.71%
(-0.01)
LTC / USD
95.61
1.19%
(+1.12)
EOS / USD
1.03
3.56%
(-0.04)
BCH / USD
131.55
2.45%
(-3.31)
ADA / USD
0.38
4.01%
(-0.02)
XLM / USD
0.09
2.84%
(-0)
NEO / USD
8.00
2.61%
(-0.21)
XEM / USD
0.04
0.03%
(0)
DASH / USD
59.87
0.33%
(-0.2)
USDT / USD
1.00
0%
(0)
BNB / USD
309.12
1.49%
(-4.66)
QTUM / USD
2.59
4.81%
(-0.13)
XVG / USD
0.00
1%
(-0)
ONT / USD
0.20
2.83%
(-0.01)
ZEC / USD
44.90
1.82%
(-0.83)
STEEM / USD
0.19
1.04%
(-0)

Bitcoin Price Stuck In Crucial Range, 2023 Breakout Looms

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Bitcoin price is still trading in a range below the $17,000 resistance. BTC could witness a major breakout as we approach the New Year 2023.

  • Bitcoin failed to clear the $17,000 and $17,200 resistance levels.
  • The price is trading below $16,800 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $16,840 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline further if there is a clear move below the $16,550 support zone.

Bitcoin Price Revisits Support

Bitcoin price made another attempt to clear the $17,000 resistance zone. However, BTC struggled to gain pace for a clear move above the $17,000 level.

A high was formed near $16,962 before the price started a fresh decline. There was a clear move below the $16,800 support zone and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $16,840 on the hourly chart of the BTC/USD pair.

Bitcoin price tested the key $16,550 support zone. A low is formed near $16,561 and the price is now consolidating losses. It tested the 23.6% Fib retracement level of the downward move from the $16,962 swing high to $16,561 low.

On the upside, an immediate resistance is near the $16,720 zone. The first major resistance is near the $16,800 zone and the 100 hourly SMA. It is close to the 61.8% Fib retracement level of the downward move from the $16,962 swing high to $16,561 low.

Source: BTCUSD on TradingView.com

The main barrier is still near the $17,000 level. A clear move above the $17,000 resistance might start a steady recovery wave. The next major resistance is near $17,200, above which the price rise towards the $17,500 resistance zone. Any more gains might spark a move towards the $18,000 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,550 level.

The next major support is near the $16,350 level. A downside break below the $16,350 support might send the pair towards the $16,000 level. Any more losses might send the price towards $15,550.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $16,550, followed by $16,350.

Major Resistance Levels – $16,800, $17,000 and $17,200.

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