Bitcoin Price Analysis: BTC is touching the $17,000 level after a period of downtrend
Bitcoin price analysis shows that the royal coin opened the weekly charts on a downward trajectory as it fell below $17,000 after losing that level to a downward move last week. Over the past 4 hours, Bitcoin has formed an ascending trendline bounce and has managed to regain the lost $17,000 level. However, the bulls are stumbling to defend this level and it may take some time before we see a sustainable move towards the $19,000 level.
Bitcoin is trading at $17,012.30, down 0.96 percent after some buying interest was observed at the $17,000 level. The global average is exposed to a range-bound move until it struggles to break above $17,200 or below the lows of $16,600.
Bitcoin Price Analysis on the Daily Chart: Bears Dominate
Bitcoin price analysis shows that bears continue to dominate the market, pushing prices lower and preventing sustained rallies. Over the past few hours, BTC has been unable to push through key resistance levels and it remains unclear when this downtrend will reverse.
Current support levels are at $16,300 and $15,500. Resistance levels are at $17,200, $18,000, and then all-time highs above $19k. Bitcoin has remained above the 200MA on the daily chart and is still trading in a bearish zone. The MACD indicator has turned bearish, signaling that further declines are possible.
The Relative Strength Index (RSI) is in bearish sentiment as it sits at the 47 level on the daily chart. This suggests that BTC is oversold, but it has not been able to reverse course.
Bitcoin price analysis on a 4-hour chart: BTC consolidates around $17,000
Bitcoin price analysis on the 4-hour chart shows that BTC is trading in a weak bullish trend after it broke out of the wedge. The BTC/USD pair broke through several key resistance levels and managed to reach as high as $17,243 before settling around its current value of $17,009.56. There appear to be bullish signs as the crypto has formed a double bottom pattern at $17,000.
BTC is currently consolidating before it makes its next move. It can either push through the $17,200 level or pull back to test the $16,300 and $15,500 support levels.
Bitcoin’s outlook remains largely bearish in the short term, but it appears to have a short-term bullish bias. Prices are expected to move sideways over the next 24 hours as traders await more catalysts that will push the market north.
Bitcoin price analysis conclusion
Bitcoin price analysis shows that BTC could make another move up in the near term, with the potential to reach as high as $18k or even higher. On the downside, the bears may increase pressure and push it to the $15,500 and $16,300 support levels.
While you wait for Bitcoin to move forward, check out our price estimates on XDC, Cardano and Curve
