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- Bitcoin price is trading sideways today against USDT.
- The price structure on the hourly chart forms an ascending triangle pattern.
- Sellers often sell BTC near the $17000 resistance.
Bitcoin price is recovering after receiving a higher price rejection at an important resistance level. Buyers often face retracement phases amid recoveries. Meanwhile the total crypto market capitalization reached $823.57 billion with a gain of 1.09%.
The recent price recovery pushed the bitcoin price to $16991 on January 4th. But the buyers again failed to sustain the asset near the $17000 resistance. As a result, the price of the crypto fell in the last two days. Notably, the $16920 to $17000 area has remained a red selling zone for the past few days.
Bitcoin price action forming higher lows on the hourly time frame. Meanwhile bull and bear are defending themselves. Bulls maintain a high-low structure above the support line. Hence, speculators found an ascending triangle pattern and BTC broke above it in the recent intraday trading session.
Bullish breakouts can trap the market bulls as the market is failing to sustain. The first candle of the intraday candle moved back, while the price of bitcoin remained at $16933 as of press time. Buyers will have to keep the price above the $17000 range to test the $20K level soon.
Buyers were aggressively hoarding bitcoin last night, resulting in trading volume rising to $13.7 billion – higher than average volume.
After all, bulls are holding the world’s largest cryptocurrency at its 20-exponential moving average after its January 4 breakout. At the same time, the RSI is moving towards the overbought zone. At that point, the RSI reached 52 – a positive sign.
Similarly, the MACD is spending more in the negative territory, but the histogram is making higher highs.
Conclusion
A $17K was a significant hurdle for Bitcoin holders. Buyers need to push Bitcoin price above this level as soon as possible to ignore another retracement phase. However, the bulls also found several important support levels. The market has already oversold in the last few days so the market is seeing upside potential above $17K.
Support level – $16920 and $15600
Resistance level – $17000 and $18400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
