Bitcoin price is struggling to gain traction above the $17,000 resistance level. A clear break above the $17,000 level might open the doors for a decent increase in the near term.
Bitcoin price is slowly moving higher and consolidating above the $16,500 level. The price is trading above $16,500 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair. The pair could start a recovery wave if it clears the $17,000 resistance zone.
The pair is currently facing strong resistance near the $17,000 level. The main hurdle for buyers is near the $17,080 and $17,200 levels. A clear break above the $17,200 level might lead the price toward the next key resistance near the $17,600 level. Any further gains could open the doors for a push toward the $18,000 level.
On the downside, there is a key support forming near the $16,600 level. If bitcoin fails to stay above the $16,600 support level, it could start a fresh decline. The main support is now near the $16,200 and $16,000 levels.
Overall, the bitcoin price is facing a few important hurdles near $17,000. If BTC fails to surge above $17,000, it could decline sharply toward the key support levels at $16,200 and $16,000.
What does technicals suggest about BTC?
The 4-hour chart is signaling a major bearish trend line breakout with resistance near $16,900. So, BTC could start a strong increase if there is a close above the $17,000 level and the 100 hourly SMA. On the downside, immediate support is near the $16,600 level. A successful close below the $16,600 level might call for a slide towards the key support near the $16,000 level.
Source: Tradingview
The MACD on the 4-hour chart is slowly moving into the bullish zone. The RSI for BTC/USD is currently well above the 50 levels, with positive signs.
The Ichimoku Cloud on the 4-hour chart is currently signaling a bullish trend. The cloud has a flat structure with resistance near $16,900. So, there could be a sharp increase in bitcoin if it breaks the $17,000 resistance zone.
Conclusion
Bitcoin price is trading above the $16,600 support and it recently surged towards the $17,000 resistance. BTC is facing strong resistance near the $17,080 and $17,200 levels. If there is a clear break above the $17,200 level, the price could start a strong increase in the near term.
