{"id":15685,"date":"2023-01-10T03:52:45","date_gmt":"2023-01-10T07:52:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=15685"},"modified":"2023-01-10T03:52:45","modified_gmt":"2023-01-10T07:52:45","slug":"bitcoin-price-struggles-above-17k-why-btc-is-still-in-bullish-zone","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/10\/bitcoin-price-struggles-above-17k-why-btc-is-still-in-bullish-zone\/","title":{"rendered":"Bitcoin Price Struggles Above $17K, Why BTC Is Still In Bullish Zone"},"content":{"rendered":"

Bitcoin price extended its rise and traded towards $17,400. BTC is correcting gains, but it remains well supported near the $17,000 zone.<\/em><\/p>\n

Bitcoin extended its increase above the $17,000 and $17,200 resistance levels.
\nThe price is trading above $17,000 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $16,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further if it stays above the $17,000 support and the trend line.<\/p>\n

Bitcoin Price Extends Increase<\/h2>\n

Bitcoin price remained in a positive zone<\/a> above the $16,800 level. BTC extended its increase after there was a clear close above the $17,000 level and the 100 hourly simple moving average.<\/p>\n

The price gained pace and traded above the $17,250 level. It traded to a new yearly high at $17,391 before the bears appeared. There was a minor downside correction below the $17,250 level. It is now trading near the 50% Fib retracement level of the upward wave from the $16,911 swing low to $17,391 high.<\/p>\n

Bitcoin price is now trading above $17,000 and the 100 hourly simple moving average<\/a>. There is also a key bullish trend line forming with support near $16,880 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

On the upside, an immediate resistance is near the $17,280 level. The next major resistance is near the $17,400 zone, above which the price might even clear the $17,500 resistance. In the stated case, the price may perhaps rise towards the $18,000 level. Any more gains might send btc price towards the $18,500 level.<\/p>\n

Dips Supported in BTC?<\/h2>\n

If bitcoin price fails to clear the $17,300 resistance, it could extend its downside correction. An immediate support on the downside is near the $17,150 level.<\/p>\n

The next major support is near the $17,080 level. It is near the 61.8% Fib retracement level of the upward wave from the $16,911 swing low to $17,391 high. The main support is now forming near the $17,000 zone and the trend line region, below which the price might retest $16,500.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $17,150, followed by $17,000.<\/p>\n

Major Resistance Levels \u2013 $17,300, $17,400 and $18,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price extended its rise and traded towards $17,400. BTC is correcting gains, but it remains well supported near the $17,000 zone.<\/em><\/p>\n

Bitcoin extended its increase above the $17,000 and $17,200 resistance levels.
\nThe price is trading above $17,000 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $16,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further if it stays above the $17,000 support and the trend line.<\/p>\n

Bitcoin Price Extends Increase<\/h2>\n

Bitcoin price remained in a positive zone<\/a> above the $16,800 level. BTC extended its increase after there was a clear close above the $17,000 level and the 100 hourly simple moving average.<\/p>\n

The price gained pace and traded above the $17,250 level. It traded to a new yearly high at $17,391 before the bears appeared. There was a minor downside correction below the $17,250 level. It is now trading near the 50% Fib retracement level of the upward wave from the $16,911 swing low to $17,391 high.<\/p>\n

Bitcoin price is now trading above $17,000 and the 100 hourly simple moving average<\/a>. There is also a key bullish trend line forming with support near $16,880 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

On the upside, an immediate resistance is near the $17,280 level. The next major resistance is near the $17,400 zone, above which the price might even clear the $17,500 resistance. In the stated case, the price may perhaps rise towards the $18,000 level. Any more gains might send btc price towards the $18,500 level.<\/p>\n

Dips Supported in BTC?<\/h2>\n

If bitcoin price fails to clear the $17,300 resistance, it could extend its downside correction. An immediate support on the downside is near the $17,150 level.<\/p>\n

The next major support is near the $17,080 level. It is near the 61.8% Fib retracement level of the upward wave from the $16,911 swing low to $17,391 high. The main support is now forming near the $17,000 zone and the trend line region, below which the price might retest $16,500.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $17,150, followed by $17,000.<\/p>\n

Major Resistance Levels \u2013 $17,300, $17,400 and $18,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-15685","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\/15685","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=15685"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/15685\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=15685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=15685"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=15685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}