Will Bitcoin (BTC), Price Struggle to Surpass $17300 Lead to Deeper Correction?

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Published 10 minutes ago by
Brian Bollinger The Bitcoin market remains indecisive because the price of Bitcoin is still stuck within a narrow range. The daily chart shows signs of reversal at the range’s highest resistance, which could push the prices back to $16800. Anyhow, is there a way for Bitcoin to end this consolidation?advertisementKey points:A potential reversal from $17300 indicates prolonged consolidation in Bitcoin
The 50-day EMA is a dynamic resistance against rising prices
Bitcoin’s intraday trading volume is $12.7 billion, which indicates a drop of 12%
Source-TradingviewOver the past two weeks, the Bitcoin price has been strictly moving within two horizontal $17300 and $16800, indicating an evident range-bound rally. The coin price recovered from the $16800 support on November 8th and hit the $17300 resistance in a single strike. This indicates that the buyers are still struggling to escape the range. The $16800 price rejection candles are higher, indicating a strong possibility of a bearish correction. Trending StoriesThe Bitcoin price fell 2% to $16800 support. This accentuates the possibility of a bearish reversal. A recent tweet by glassnode, an on-chain data provider, highlights the realized loss of Bitcoin investors. This data highlights the capital gains that the investor has made over the past 365 days and also highlights the annual profit of $455B in the 2020-21 bull. Surprisingly, the loss is comparable to the 2018 cycle’s magnitude. Furthermore, these losses indicate weakness in holders’ confidence which lean the market sentiment toward a selling motive.Anyhow, will the market repeat history and trigger a rally like 2019, is a bit early to tell.Technical investor:Relative Strength Index: the RSI indicator(49.8%) reflects the speed and magnitude of the coin’s recent price, indicating a neutral outlook from market participants.advertisementEMAs: the downloading EMAs(50 and 100) suggest an overall downtrend and give sellers an upper hand.Bitcoin Price Intraday LevelsSpot rate: $17154
Trend: Bullish
Medium Volatility
Resistance levels: $17300 and $5700
Support levels: $16800 and $5700
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. Close Story