{"id":14879,"date":"2022-12-28T03:53:08","date_gmt":"2022-12-28T07:53:08","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14879"},"modified":"2022-12-28T03:53:08","modified_gmt":"2022-12-28T07:53:08","slug":"bitcoin-price-stuck-in-crucial-range-2023-breakout-looms","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/28\/bitcoin-price-stuck-in-crucial-range-2023-breakout-looms\/","title":{"rendered":"Bitcoin Price Stuck In Crucial Range, 2023 Breakout Looms"},"content":{"rendered":"

Bitcoin price is still trading in a range below the $17,000 resistance. BTC could witness a major breakout as we approach the New Year 2023.<\/em><\/p>\n

Bitcoin failed to clear the $17,000 and $17,200 resistance levels.
\nThe price is trading below $16,800 and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $16,840 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline further if there is a clear move below the $16,550 support zone.<\/p>\n

Bitcoin Price Revisits Support<\/h2>\n

Bitcoin price made another attempt to clear the $17,000 resistance zone<\/a>. However, BTC struggled to gain pace for a clear move above the $17,000 level.<\/p>\n

A high was formed near $16,962 before the price started a fresh decline. There was a clear move below the $16,800 support zone and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $16,840 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price tested the key $16,550 support zone. A low is formed near $16,561 and the price is now consolidating losses. It tested the 23.6% Fib retracement level of the downward move from the $16,962 swing high to $16,561 low.<\/p>\n

On the upside, an immediate resistance is near the $16,720 zone. The first major resistance<\/a> is near the $16,800 zone and the 100 hourly SMA. It is close to the 61.8% Fib retracement level of the downward move from the $16,962 swing high to $16,561 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The main barrier is still near the $17,000 level. A clear move above the $17,000 resistance might start a steady recovery wave. The next major resistance is near $17,200, above which the price rise towards the $17,500 resistance zone. Any more gains might spark a move towards the $18,000 resistance zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to clear the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,550 level.<\/p>\n

The next major support is near the $16,350 level. A downside break below the $16,350 support might send the pair towards the $16,000 level. Any more losses might send the price towards $15,550.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $16,550, followed by $16,350.<\/p>\n

Major Resistance Levels \u2013 $16,800, $17,000 and $17,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still trading in a range below the $17,000 resistance. BTC could witness a major breakout as we approach the New Year 2023.<\/em><\/p>\n

Bitcoin failed to clear the $17,000 and $17,200 resistance levels.
\nThe price is trading below $16,800 and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $16,840 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline further if there is a clear move below the $16,550 support zone.<\/p>\n

Bitcoin Price Revisits Support<\/h2>\n

Bitcoin price made another attempt to clear the $17,000 resistance zone<\/a>. However, BTC struggled to gain pace for a clear move above the $17,000 level.<\/p>\n

A high was formed near $16,962 before the price started a fresh decline. There was a clear move below the $16,800 support zone and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $16,840 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price tested the key $16,550 support zone. A low is formed near $16,561 and the price is now consolidating losses. It tested the 23.6% Fib retracement level of the downward move from the $16,962 swing high to $16,561 low.<\/p>\n

On the upside, an immediate resistance is near the $16,720 zone. The first major resistance<\/a> is near the $16,800 zone and the 100 hourly SMA. It is close to the 61.8% Fib retracement level of the downward move from the $16,962 swing high to $16,561 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The main barrier is still near the $17,000 level. A clear move above the $17,000 resistance might start a steady recovery wave. The next major resistance is near $17,200, above which the price rise towards the $17,500 resistance zone. Any more gains might spark a move towards the $18,000 resistance zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to clear the $16,800 resistance, it could continue to move down. An immediate support on the downside is near the $16,550 level.<\/p>\n

The next major support is near the $16,350 level. A downside break below the $16,350 support might send the pair towards the $16,000 level. Any more losses might send the price towards $15,550.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $16,550, followed by $16,350.<\/p>\n

Major Resistance Levels \u2013 $16,800, $17,000 and $17,200.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-14879","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=14879"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14879\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14879"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}