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.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.