Bitcoin Price Lacking Momentum Above $17k, BTC Holders Are Safe: Here's Why

<div> Bitcoin value prolonged its improve and examined the $17,500 resistance. BTC corrected features, however it stays effectively supported above the $16,800 help. <ul> <li>Bitcoin prolonged its upward transfer above $17,100 and $17,300 resistance ranges.</li> <li>The value is buying and selling close to $17,000 and the 100 hourly easy shifting common.</li> <li>There was a break beneath a key bullish pattern line with help close to $17,050 on the hourly chart of the BTC/USD pair (information feed from Kraken).</li> <li>The pair should keep above the $16,800 help to start out a recent improve.</li> </ul> <h2>Bitcoin Value Stays Supported</h2> Bitcoin value settled above the <a target="_blank" href="https://newsbtc.com/analysis/btc/bitcoin-price-key-trend-18k/" rel="noopener">$17,000 resistance zone</a> and prolonged its improve. BTC was in a position to clear the $17,100 and $17,200 resistance ranges. The value even spiked above $17,400 and traded near the $17,500 resistance zone. Nonetheless, the bears had been lively close to the $17,500 resistance zone. A excessive was shaped close to $17,440 and the value began a draw back correction. Bitcoin value declined beneath the $17,200 stage and the <a target="_blank" href="https://newsbtc.com/analysis/btc/bitcoin-price-correction-16-5k/" rel="noopener">100 hourly simple moving average</a>. There was a break beneath a key bullish pattern line with help close to $17,050 on the hourly chart of the BTC/USD pair. The value traded as little as $16,888 and is presently rising. It's buying and selling close to $17,000 and the 100 hourly easy shifting common. It's buying and selling above the 23.6% Fib retracement stage of the current decline from the $17,440 swing excessive to $16,888 low. On the upside, a right away resistance is close to the $17,165 stage. It's close to the 50% Fib retracement stage of the current decline from the $17,440 swing excessive to $16,888 low. The primary main resistance is close to the $17,250 zone, above which the value might maybe begin one other regular improve. <a target="_blank" href="https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-3.png" rel="noopener"><img loading="lazy" class="alignnone size-full wp-image-511238" src="https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-3.png" alt="Bitcoin Price" width="1834" height="845" srcset="https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-3.png 1834w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-3-460x212.png 460w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-3-860x396.png 860w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-3-768x354.png 768w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-3-1536x708.png 1536w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-3-750x346.png 750w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-3-1140x525.png 1140w" sizes="(max-width: 1834px) 100vw, 1834px"/></a> Supply: <a target="_blank" href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener">BTCUSD on TradingView.com</a> Within the acknowledged case, the value might rise in the direction of the $17,500 resistance. The following main resistance is close to $17,650, above which the value rise in the direction of the $18,000 zone within the close to time period. <h2>Extra Losses in BTC?</h2> If bitcoin fails to start out a recent improve above the $17,165 resistance, there could possibly be extra downsides. An instantaneous help on the draw back is close to the $16,850 stage. The following main help is close to the $16,800 zone. A draw back break beneath the $16,800 help may name for a transfer in the direction of $16,500. Any extra losses may name for a take a look at of the important thing $16,000 help zone within the close to time period. 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 slightly below the 50 stage. Main Help Ranges – $16,800, adopted by $16,500. Main Resistance Ranges – $17,165, $17,250 and $18,000.

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