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Bitcoin worth remains to be buying and selling in a spread beneath the $17,000 resistance. BTC might witness a serious breakout as we strategy the New Year 2023.

• Bitcoin did not clear the $17,000 and $17,200 resistance ranges.
• The worth is buying and selling beneath $16,800 and the 100 hourly easy transferring common.
• There was a break beneath a serious bullish development line with assist close to $16,840 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might decline additional if there’s a clear transfer beneath the $16,550 assist zone.

Bitcoin Price Revisits Support

Bitcoin worth made one other try and clear the $17,000 resistance zone. However, BTC struggled to achieve tempo for a transparent transfer above the $17,000 degree.

A excessive was shaped close to $16,962 earlier than the value began a contemporary decline. There was a transparent transfer beneath the $16,800 assist zone and the 100 hourly easy transferring common. Besides, there was a break beneath a serious bullish development line with assist close to $16,840 on the hourly chart of the BTC/USD pair.

Bitcoin worth examined the important thing $16,550 assist zone. A low is shaped close to $16,561 and the value is now consolidating losses. It examined the 23.6% Fib retracement degree of the downward transfer from the $16,962 swing excessive to $16,561 low.

On the upside, a direct resistance is close to the $16,720 zone. The first major resistance is close to the $16,800 zone and the 100 hourly SMA. It is near the 61.8% Fib retracement degree of the downward transfer from the $16,962 swing excessive to $16,561 low.

Source: BTCUSD on TradingView.com

The primary barrier remains to be close to the $17,000 degree. A transparent transfer above the $17,000 resistance would possibly begin a gradual restoration wave. The subsequent main resistance is close to $17,200, above which the value rise in direction of the $17,500 resistance zone. Any extra positive aspects would possibly spark a transfer in direction of the $18,000 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $16,800 resistance, it might proceed to maneuver down. An rapid assist on the draw back is close to the $16,550 degree.

The subsequent main assist is close to the $16,350 degree. A draw back break beneath the $16,350 assist would possibly ship the pair in direction of the $16,000 degree. Any extra losses would possibly ship the value in direction of $15,550.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

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

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

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