Bitcoin (BTC) Grinds Lower; Why Bears Could Push for More

  • Bitcoin extended its bearish track, losing $16.5K & $16.4K.
  • Downward tendencies pushed prices beneath $16.5K and the 100-hourly Simple Moving Average.
  • The 1-hour chart confirms a forming bearish boundary with $16,390 resistance.
  • A move past the hurdle of $16.5K would translate to a decent uptick.

The world’s leading crypto sees gradual dips toward $15.5K. Bitcoin remains susceptible to further losses as bearishness dominates the crypto industry. Most digital assets have painted their weekly and daily charts red. BTC needs a jump beyond the resistance at $17K.

BTC Price Kick-Starts Declines

Bitcoin price could not gain strength beyond the resistance at $17K. The largest crypto by value struggled to remain beyond $16,650 and launched a new dip. BTC printed the latest swing high at $16,795 before the price plummets beneath the $16.5K foothold surfaced.

Moreover, there was a closing under $16.5K and the 100-hourly SMA. That meant dominant downtrends and bears pushed BTC toward $16,150. The price consolidates the incurred losses after forming a low near $16,156.

The closest resistance to the upside stands at $16.3K, near the 0.236 Fibonacci retracement zone of the latest $16,795 – $16,156 plunge. The immediate crucial resistance is around the value area at $16.4K.

Also, the 1-hour BTC-USD chart shows a bearish line emerging with $16,390 resistance. Overpowering this challenge will open the patch to the primary resistance near $16.5K. This hurdle stands near the latest fall’s 50% Fibonacci retracement mark from $16,795 to $16,156.

Bitcoin price should overcome the trendline resistance and 100hr SMA to enter positive territory. BTC’s immediate resistance stands near $17K, beyond which the price might soar to $18K. However, bulls may have to push further and increase upside momentum for such moves.

More BTC Dips?

Bitcoin can kick-start downsides if it fails to steady beyond the resistance of $16.4K. Downtrends will find an immediate foothold near $16,150. Another foothold will showcase at $16K. Losing ground here may see the leading crypto exploring the primary support at $15.5K. Failure to keep this foothold can welcome escalated price declines.

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