Bitcoin price is struggling to clear the $17,000 resistance zone. BTC must stay above $16,000 to avoid more losses in the near term.
Bitcoin is still consolidating above the $16,350 and $16,000 support levels. The price is trading just above $16,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a recovery wave if it clears the $17,000 resistance zone. Bitcoin Price Faces Resistance
Bitcoin price made an attempt to gain strength above the $17,000 resistance zone. However, BTC struggled to remain stable above the $17,000 level.
The price traded as high as $17,098 and recently started