The trading price of Bitcoin (BTC) experienced a dip on Monday. The data shows that the trading price of Bitcoin had fallen to a low of $16,447.
Although the trading day had begun at a high trading price that was over the $17,000 mark. However, the situation had changed by the end of Monday.
By the end of the day, the trading price of Bitcoin fell by 1.84%. This ended up bringing the price of BTC below the $17,000 mark. It was unfortunate for the bulls to see the price of BTC end its day below the $17k mark.
Still, the bulls had to accept the reality keeping in mind the 1.84% dip the asset had experienced on Monday. This caused the trading price of the asset to fall to a low of $16,447.
It is the third time in the month of December that the trading price of Bitcoin surged past the $17k barrier only to be dragged below that level.
Bitcoin Value Fell Below R1
As the new trading day began, the value of the largest cryptocurrency was sitting at $16,825. This meant that the bulls were finding it difficult to break through the strong defenses of the bulls at $16,859.
They kept pulling them down and the price of the asset was not able to push through the particular level. There was a very strong resistance that the bulls felt at the particular level.
Although the bulls tried hard to push through the first major resistance mark, they kept failing. Finally, the bears increased their selling power and they were able to pull BTC’s price below the $16,261 mark.
The price of Bitcoin falling below the $16,261 mark meant that the asset had lost its ground even protecting the third major support level. The particular level was at $16,380.
However, the bulls did manage to build enough force by the end of the day that they were able to push Bitcoin to a high of $16,447. This is where Bitcoin reportedly ended its day on Tuesday.
Price Action of Bitcoin
Wednesday has shown great improvement in the trading price of Bitcoin. On Wednesday, the trading price of Bitcoin experienced a surge that pushed its price significantly higher from the Tuesday low.
The data shows that in the past 24 hours, Bitcoin’s price has managed to surge moving all the way up to a high of $16,890. During the process, the bulls were able to cross the first major resistance level at $16,761.
Technical Study of BTC’s Movement
The second major resistance level for Bitcoin is currently at $17,075. It will be a difficult obstacle for the bulls to reach and then cross building a strong buying momentum.
In order to hit the particular levels, the bulls will need to ensure they are able to strongly protect the $16,511. If the price of BTC remains over a particular level, then it will have a higher chance of a bullish run.
Then the second major obstacle for the bulls would be hitting and crossing the $17,000 mark. If the bulls have enough buying power, then the trading price of BTC may end up crossing a particular level.
Bitcoin to Hit $17,639
If things do work out in favor of the bulls and the bears fail to build enough selling pressure, then BTC’s price would continue surging.
It will eventually hit and cross the second major resistance level only to make its way to hit $17,500. This will act as a resistance mark as well but it will not be as challenging as the third major resistance.
However, it is important for the bulls to cross the particular level if they want to hit the third major resistance level at $17,639.
If the bulls do happen to break the bearish pressure, then the trading price of BTC would rise over the $17,636 level.
