Bitcoin price is slowly moving higher above the $16,750 resistance zone. BTC could gain bullish momentum if it settles above the $17,000 resistance zone.
- Bitcoin is slowly gaining pace from the $16,350 and $16,000 support levels.
- The price is trading above $16,500 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a steady increase if there is a close above the $17,000 resistance zone.
Bitcoin Price Starts Recovery
Bitcoin price corrected lower below the $16,600 and $16,500 levels. However, BTC remained well bid above the $16,350 support zone. A low was formed near $16,370 and the price started a slow recovery wave.
There was a move above the $16,500 and $16,600 resistance levels. The price cleared the 50% Fib retracement level of the recent decline from the $17,098 swing high to $16,370 low. Besides, there was a break above a key bearish trend line with resistance near $16,600 on the hourly chart of the BTC/USD…