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Home»Bitcoin»BTC Holders Are Safe Despite Bitcoin Price Lacking Momentum Above $17k, Here’s Why
Bitcoin

BTC Holders Are Safe Despite Bitcoin Price Lacking Momentum Above $17k, Here’s Why

Saheel KhirodkarBy Saheel KhirodkarDecember 6, 2022Updated:December 7, 2022No Comments2 Mins Read
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Bitcoin price spiked up and tested the $17,500 resistance. However, the price corrected and remains well-supported above the $16,800 support.

Bitcoin Price Resistance
  • Today, bitcoin prices showed resistance in the prices at 16,985.20 USD.
  • Near $17,000 and the 100 hourly simple moving average, the price is currently trading.
  • To start a new increase, Bitcoin needs to hold above the $16,800 support level.

Bitcoin price settled above the $17,000 resistance zone and extended its increase. BTC was able to clear the $17,100 and $17,200 resistance levels.

The price even spiked above $17,400 and traded close to the $17,500 resistance zone. However, the bears were active near the $17,500 resistance zone. A high was formed near $17,440 and the price started a downside correction.

The price of bitcoin decreased to below $17,200 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a crucial bullish trend line with support close to $17,050 was broken.

Price has fluctuated as low as $16,888 and is now increasing. The price is trading close to the 100 hourly simple moving average and $17,000. It is trading higher than the 23.6% Fibonacci retracement level of the most recent slide from the swing high of $17,440 to the low of $16,888.

Near the $17,165 mark, there is immediate resistance on the upside. It is very close to the 50% Fib retracement level of the most recent collapse from the swing high of $17,440 to the low of $16,888. The first significant barrier is located at the $17,250 region, above which the price can begin another gradual rise.

Source: Trading View

In the scenario described, the price may increase in direction of the $17,500 resistance. Near $17,650 is the next significant resistance; above this level, the price will rise in the near term toward the $18,000 region.

Downfall scenarios of Bitcoin!

If bitcoin fails to start a fresh increase above the $17,165 resistance, there could be more downsides. Immediate support on the downside is near the $16,850 level.

The next major support is near the $16,800 zone. A downside break below the $16,800 support might call for a move toward $16,500. Any more losses might call for a test of the key $16,000 support zone in the near term.

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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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