Bitcoin Price Could End The Year Further Lower, Key Resistance Intact

<div> Bitcoin worth is struggling to clear the $17,000 resistance. BTC stays at a danger of extra downsides beneath the $16,000 assist zone earlier than the 12 months finish. <ul> <li>Bitcoin is displaying bearish indicators beneath the $17,000 and $17,200 resistance ranges.</li> <li>The worth is buying and selling beneath $16,700 and the 100 hourly easy transferring common.</li> <li>There was a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair (information feed from Kraken).</li> <li>The pair may resume its decline if it stays beneath the $17,000 resistance zone.</li> </ul> <h2>Bitcoin Worth Faces Resistance</h2> Bitcoin worth gained tempo beneath the $16,800 assist zone. BTC even <a target="_blank" href="https://newsbtc.com/analysis/btc/bitcoin-price-grinds-lower-16k-2/" rel="noopener">extended its decline</a> beneath the $16,700 degree and the 100 hourly easy transferring common. The worth traded as little as $16,453 and is at the moment correcting losses. There was a transfer above the $16,500 and $16,550 ranges. The worth climbed above the 23.6% Fib retracement degree of the latest decline from the $16,960 swing excessive to $16,453 low. There was additionally a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair. Nevertheless, bitcoin worth is now buying and selling beneath $16,700 and the <a target="_blank" href="https://newsbtc.com/analysis/btc/bitcoin-price-crucial-range-17k/" rel="noopener">100 hourly simple moving average</a>. On the upside, a direct resistance is close to the $16,650 degree. The primary main resistance is close to the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement degree of the latest decline from the $16,960 swing excessive to $16,453 low. <a target="_blank" href="https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-26.png" rel="noopener"><img loading="lazy" class="alignnone size-full wp-image-514208" src="https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-26.png" alt="Bitcoin Price" width="1834" height="845" srcset="https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-26.png 1834w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-26-460x212.png 460w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-26-860x396.png 860w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-26-768x354.png 768w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-26-1536x708.png 1536w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-26-750x346.png 750w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-26-1140x525.png 1140w" sizes="(max-width: 1834px) 100vw, 1834px"/></a> Supply: <a target="_blank" href="https://www.tradingview.com/symbols/BTCUSD/" rel="nofollow noopener">BTCUSD on TradingView.com</a> The important thing breakout zone remains to be close to the $17,000 degree. A transparent transfer above the $17,000 resistance would possibly begin a gentle enhance within the close to time period. The following main resistance is close to $17,500, above which the worth rise in the direction of the $18,000 resistance zone. <h2>Recent Decline in BTC?</h2> If bitcoin fails to begin a restoration wave above the $16,700 resistance, it may begin one other decline. An instantaneous assist on the draw back is close to the $16,450 degree or the latest low. The following main assist is close to the $16,250 degree. A transparent transfer beneath the $16,250 assist would possibly spark a transfer in the direction of the $16,000 degree. Any extra losses would possibly ship the worth in the direction of $15,500. Technical indicators: Hourly MACD – The MACD is now dropping tempo within the bearish zone. Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 degree. Main Help Ranges – $16,450, adopted by $16,250. Main Resistance Ranges – $16,700, $17,000 and $17,200.

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