Bitcoin Price Needs To Hover Over These 2 Levels To Gain Momentum

Bitcoin continues to face strong resistance at the $17,000 price ceiling. Over the last 24 hours, Bitcoin lost 2% of its market value. In the past week, BTC has hovered around the same price region. The King Coin has not touched the $17,000 price resistance band in more than two weeks.

At the moment, Bitcoin has a bearish bias. The technical outlook pointed towards the buying strength losing steam. It is, however, too early to predict when BTC will bottom out, which could mean that this consolidation phase will be extended.

The price of Bitcoin has been extremely volatile throughout November. BTC witnessed a fall from $21,000 to $15,500 during the first week of this month. The coin had again visited these lows in the past week. After touching the lows again, BTC regained some of its lost value and traded at $16,500. BTC is yet to breach two vital price levels for the bulls to take charge in the market.

Bitcoin Price Analysis: One-Day Chart

Bitcoin was priced at $16,200 on the one-day chart Source: BTCUSD on TradingView

BTC was trading at $16,200 at the time of writing. The bulls have tried to break past the $17k mark but have met with rejection each time. The constant rejection has halted the further upward movement of the coin as it ascended from $15,500 to $16,800.

The immediate resistance mark for Bitcoin remained at $16,600. In a shorter time frame, Bitcoin has been forming a constriction pattern. If Bitcoin continues to face rejection at the $17,000 mark, it will fall through the $15,500 level and trade close to the $14,000 price. The two important levels for Bitcoin stand at $16,600 and $17,000, respectively.

Technical Analysis

Bitcoin registered a decline in buying strength on the one-day chart