• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin
Sensei Inu Logo

Bitcoin Price Stuck In Key Range, Why The Bulls Remain In Action

Aayush Jindal by Aayush Jindal
10 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price failed to clear the $17,300 zone and corrected lower. BTC could find a strong buying interest near $16,900 or $16,700 in the coming sessions.

  • Bitcoin failed to gain pace for a move above $17,300 and $17,450.
  • The price is trading below $17,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $17,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could bounce back if it stays above the $16,900 and $16,700 support levels.

Bitcoin Price Remains Supported

Bitcoin price was able to clear the $17,000 resistance zone. However, the price failed to gain pace for a move above $17,300 and $17,450. A high was formed near $17,292 and the price started a fresh decline.

There was a clear move below the $17,100 and $17,000 levels. The price declined below the 50% Fib retracement level of the upward move from the $16,700 swing low to $17,292 high. Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average.

There is also a key bearish trend line forming with resistance near $17,150 on the hourly chart of the BTC/USD pair. The pair is now approaching the 61.8% Fib retracement level of the upward move from the $16,700 swing low to $17,292 high.

On the upside, an immediate resistance is near the $17,050 level. The first major resistance is near the $17,150 zone and the trend line, above which the price may perhaps start a fresh increase.

Bitcoin Price

In the stated case, the price could rise towards the $17,300 resistance. The next major resistance is near $17,450, above which the price rise towards the $18,000 zone in the near term.

Downside Break in BTC?

If bitcoin fails to clear the $17,150 resistance, there could be more losses. An immediate support on the downside is near the $16,900 level.

The next major support is near the $16,700 zone or the last swing low. A downside break below the $16,700 support might call a drop towards $16,500. Any more losses might push the price towards the $16,200 zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold zone.

Major Support Levels – $16,900, followed by $16,700.

Major Resistance Levels – $17,050, $17,150 and $17,450.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

Related Posts

Bitcoin Price BTC

Bitcoin Price Turns Vulnerable As Indicators Point To More Weakness

14 hours ago
Bitcoin

Bitcoin Price Grinds Lower And Seems Like Bears Are Not Done Yet

2 days ago
Bitcoin

Bitcoin Price Hints At Potential Correction, Buy The Dip?

5 days ago
Bitcoin

Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $27.5K

6 days ago
Bitcoin

Bitcoin Price Close Above $27,500 Could Spark Larger Degree Rally

7 days ago
Bitcoin

Bitcoin Price Sees Technical Correction, Here’s What Could Propel It Back To $28K

1 week ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Solana Remains Stable, Bitcoin Cash, and Borroe.Finance...

    2 hours ago
  • Best Trading Sessions in Nigeria Time According to Analysts

    6 hours ago
  • Cosmos and Axie Infinity Holders Accumulating Kangamoon...

    7 hours ago
  • Eureka Partners Fortifies Its Stance in Blockchain and...

    8 hours ago
  • Imagine Buying Bitcoin at 20 cents! Gold Coin on the rise

    8 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.