Bitcoin price started a strong increase after it broke the $16,000 resistance against the US Dollar. BTC is up 5% and it is now facing hurdles near $16,500.
Bitcoin managed to clear the $16,000 resistance to start another increase. The price is currently trading well above the $16,200 support and the 100 hourly simple moving average. There are two bullish trend lines forming with support near $16,080 and $15,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct a few points, but dips are likely to be limited below $16,000. Bitcoin Price Settles Above $16K
Yesterday, we discussed the significance of an upside break in bitcoin price above the $16,000 resistance. BTC did gain strength and was able to clear the $16,000 resistance level.
The price even broke the $16,200 resistance and settled well above the 100 hourly simple moving average. It traded close to the $16,500 resistance and a new multi-month