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Bitcoin price has gone further below and now trading at the $16,500 level. Bitcoin is in a loss-recovery mode, but may not be able to break through the $16,700 and $17,000 barrier levels. BTC is languishing underneath the $17,200 support line and approaching a bearish zone.

Bitcoin has been consolidating its position below the $17,000 and $16,800 support levels, however, the price went down below the $16,500 support level and closed below the 100 hourly SMA.

BTC was trading around $16,200 and seemed like repairing losses. There was a slight uptick above the $16,500 resistance level. The price has increased above the 50% Fibonacci retracement line of the latest dip from the swing high of $16,865 and low of $16,260.

Currently, the bitcoin price is trading below $16,800 and the 100-hour SMA. On the upswing, the initial resistance level is around $16,650, however, a connecting negative trend line also seems to be forming with a resistance of around $16,650 on the hourly chart of the BTC/USD pair.

Bitcoin hovering around $16,700 Zone

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