Bitcoin Price Near Crucial Juncture, Can BTC Bulls Save The Day?

Key Takeaways:

  • Bitcoin price started a downside correction from the $17,500 resistance.
  • BTC/USD traded below a major bullish trend line with support at $17,000 on the 4-hours chart.
  • The price must stay above the $16,750 support to avoid a bearish reversal.
Bitcoin Price Signals Bearish Breakdown
Bitcoin Price Signals Bearish Breakdown | Photo by Dmitry Demidko on Unsplash

Bitcoin price is moving lower below $17,000. BTC/USD could accelerate lower if the bulls fail to protect the $16,750 support zone.

Bitcoin Price Signals Bearish Breakdown

This past week, there was a minor increase in bitcoin and ethereum. The BTC/USD pair was able to clear the $16,500 and $16,800 resistance levels to start a decent increase.

The price even cleared the $17,000 resistance level and the 50 simple moving average (4-hours, blue). However, the bulls faced a strong selling interest near the $17,500 zone. A high was formed near $17,503 before there was a bearish reaction.

Bitcoin price 4-hours chart

Bitcoin price 4-hours chart | Source: BTCUSD on TradingView.com

There was a downside correction below the $17,200 level. The price declined below a major bullish trend line with support at $17,000 on the 4-hours chart.

The bears even pushed the price below the 61.8% Fib retracement level of the upward move from the $16,703 swing low to $17,503 high. Bitcoin price is now trading below the $17,000 level and the 50 simple moving average (4-hours, blue).

On the downside, the first major support is near the $16,890 level. It is close to the 76.4% Fib retracement level of the upward move from the $16,703 swing low to $17,503 high.

The next key support sits near the $16,750 level. A clear move below the $16,750 support could spark a sharp decline towards the $16,200 support zone. Any more losses may perhaps send the price in a bearish zone towards $15,950.  

Fresh Increase?

On the upside, an immediate resistance is near the $17,000 level and the 50 simple moving average (4-hours, blue). The first major resistance is near the $17,100 level.

A clear move above the $17,100 level might send the price towards the $17,500 level. The next major resistance is near the $17,850 zone. Any more gains might send the price towards the $18,500 resistance zone.

Overall, bitcoin price is showing a few bearish signs below the $17,000 pivot level. If there is a close below the $16,750 support level, the price could turn bearish and accelerate lower. Conversely, the price might start a fresh increase towards the $17,500 resistance in the near term.

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