Bitcoin Price Regains Traction, BTC Seems Primed for More Upsides

<div> Bitcoin worth gained bullish momentum above the $16,500 resistance. BTC may rise additional if there's a shut above the $17,000 resistance. <ul> <li>Bitcoin began an honest enhance above the $16,500 and $16,650 resistance ranges.</li> <li>The worth is buying and selling above $16,500 and the 100 hourly easy shifting common.</li> <li>There was a break above a significant bearish development line with resistance close to $16,450 on the hourly chart of the BTC/USD pair (information feed from Kraken).</li> <li>The pair may rise additional if there's a shut above the $17,000 resistance.</li> </ul> <h2>Bitcoin Value Features Bullish Momentum</h2> <a target="_blank" href="https://newsbtc.com/analysis/btc/bitcoin-price-higher-over-16-5k/" rel="noopener">Bitcoin price formed a base</a> above the $16,200 help zone. BTC began a gradual enhance and was in a position to clear the $16,500 resistance zone and the 100 hourly easy shifting common. Through the enhance, there was a break above a significant bearish development line with resistance close to $16,450 on the hourly chart of the BTC/USD pair. The pair even surpassed the 76.4% Fib retracement degree of the downward transfer from the $16,589 swing excessive to $16,000 low. Bitcoin worth is now buying and selling above $16,500 and the <a target="_blank" href="https://newsbtc.com/analysis/btc/bitcoin-price-prediction-fresh-drop-16k/" rel="noopener">100 hourly simple moving average</a>. It's testing the 1.618 Fib extension degree of the downward transfer from the $16,589 swing excessive to $16,000 low. <a target="_blank" href="https://newsbtc.com/wp-content/uploads/2022/11/Bitcoin-13.png" rel="noopener"><img loading="lazy" class="alignnone size-full wp-image-510560" src="https://newsbtc.com/wp-content/uploads/2022/11/Bitcoin-13.png" alt="Bitcoin Price" width="1834" height="845" srcset="https://newsbtc.com/wp-content/uploads/2022/11/Bitcoin-13.png 1834w, https://newsbtc.com/wp-content/uploads/2022/11/Bitcoin-13-460x212.png 460w, https://newsbtc.com/wp-content/uploads/2022/11/Bitcoin-13-860x396.png 860w, https://newsbtc.com/wp-content/uploads/2022/11/Bitcoin-13-768x354.png 768w, https://newsbtc.com/wp-content/uploads/2022/11/Bitcoin-13-1536x708.png 1536w, https://newsbtc.com/wp-content/uploads/2022/11/Bitcoin-13-750x346.png 750w, https://newsbtc.com/wp-content/uploads/2022/11/Bitcoin-13-1140x525.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> On the upside, a right away resistance is close to the $16,950 degree. The primary main resistance is close to the $17,000 zone, above which the worth could maybe speed up larger. Within the acknowledged case, the worth may check the $17,500 resistance. The following main resistance is close to $18,000, above which the worth may acquire tempo for a transfer in direction of the $18,800 zone. <h2>Dips Supported in BTC?</h2> If bitcoin fails to climb above the $17,000 resistance, there may very well be a draw back correction. A direct help on the draw back is close to the $16,800 degree. The following main help is close to the $16,500 zone or the 100 hourly SMA, under which the worth decline additional. Within the acknowledged case, the worth would possibly drop in direction of the $16,200 help zone. Any extra losses would possibly name for a check of the important thing $16,000 help zone within the close to time period. Technical indicators: Hourly MACD – The MACD is now gaining tempo within the bullish zone. Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree. Main Assist Ranges – $16,800, adopted by $16,500. Main Resistance Ranges – $16,950, $17,000 and $17,500.

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