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

Dec 12, 2022 04:00 am Cryptocurrency 167

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 ..

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