Bitcoin continues to face stiff resistance at the $17,000 price top. During the last 24 hours, Bitcoin lost 2% of its market value. In the past week, BTC has hovered around the same price region. King Coin has not touched the $17,000 price resistance band in over two weeks.
At the moment, Bitcoin has a bearish bias. The technical outlook pointed to the buying force losing steam. However, it is too early to predict when BTC will bottom out, which could mean that this consolidation phase will be extended.
The Bitcoin price has been extremely volatile throughout November. BTC witnessed a drop from $21,000 to $15,500 during the first week of this month. The coin had revisited these lows last week. After hitting the lows again, BTC regained some of its lost value and traded at $16,500. BTC has yet to break two vital price levels for the bulls to take over the market.
Bitcoin Price Analysis: One Day Chart
Bitcoin was priced at $16,200 on the one-day chart | Source: BTCUSD on TradingView
BTC was trading at $16,200 at the time of writing. The bulls have tried to break above the $17k mark but have been met with rejection each time. Steady rejection has halted the coin’s further upward movement as it rallied from $15,500 to $16,800.
The immediate resistance mark for Bitcoin remained at $16,600. In a shorter period of time, Bitcoin has been forming a constriction pattern. If Bitcoin continues to face rejection at the $17,000 mark, it will drop to the $15,500 level and trade near the $14,000 price. The two important levels for Bitcoin are located at $16,600 and $17,000, respectively.
Bitcoin posted a decline in buying strength on the one-day chart | Source: BTCUSD on TradingView
BTC has shown a dip in buyers on the daily chart. The Relative Strength Index was below the 40 mark, indicating that the currency was in the hands of the bears. He indicated that sellers were more than buyers.
Bitcoin price was below the 20 SMA, which highlighted the selling force and showed that sellers were driving price momentum in the market. If BTC breaks above the $17,000 level, it is still important that the coin trades above the $17,200 level; if you don’t, the price action can quickly reverse.
Bitcoin represented a buy signal on the one-day chart | Source: BTCUSD on TradingView
BTC has slowly started to form a buy signal on its one-day chart. This indicates that Bitcoin could try to reclaim the $17,000 mark if buyers act on it.
The moving average convergence divergence experienced a bullish crossover and formed green signal bars corresponding to the buy signal. Bollinger Bands represent price fluctuation and volatility, the bands have been tightened in anticipation of further constriction of the price movement in the shorter time frame.
Featured Image from Unsplash, Chart: TradingView.com
This post Bitcoin price must break above these 2 levels to gain momentum
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