- BTC dropped again to explore levels beneath $16K and $15.8K.
- Bitcoin wavers below $16.4K and 100-hourly SMA.
- BTC/USD one-hour chart shows a massive bearish trend line developing with $16,150 resistance.
- The price remains vulnerable to more dips toward $15K or even $14K.
Bitcoin price has stretched its downward trend to retest the support floor at $15.8K. The bellwether crypto might keep sliding toward the $15K and $14K value areas. That comes as bears extended their market-wide assault, painting red on the price charts.
BTC Revisits $15.5K
Bitcoin price launched another bearish drop from the resistance of $17K. The asset gained downside pressure after settling beneath the crucial support level of $16.5K. Moreover, Bitcoin suffered a move beneath $16K and the 100hrly Simple Moving Average.
Meanwhile, intensified bearishness pushed the price toward the vital foothold of $15.5K. Bitcoin corrects losses after printing a low near $15,470. Nevertheless, BTC saw a minor uptick beyond the resistance of $15.8K.
The crypto cleared the 0.236 Fibonacci retracement zone of the latest dip from the swing peak of $16,795 to $15,470. Meanwhile, upside tendencies would meet the immediate hurdle at $15,880. The initial primary resistance stands near the value area of $16,150.
Also, the BTCUSD 1hr chart shows a massive bearish line emerging with a $16,150 hurdle. Overcoming this obstacle will clear the road toward the 50% Fibonacci retracement mark of the latest dip from $16,795 to $15,470.
The $16.4K represents another crucial resistance. Bitcoin should overpower the trend line and $16.4 to launch a decent surge. That would have $16.5K as the next notable resistance, beyond which Bitcoin might regain the strength to climb toward $17K.
More BTC Downsides?
Bitcoin will suffer continued downsides if it fails to revive beyond the resistance of $16,150. The nearest support stands at $15,650. Losing this foothold will see the leading crypto exploring the $15.5K crucial level, beneath which testing $15K is unavoidable.
Bearish actions at this mark might welcome massive cuts, taking Bitcoin to the $13.2K value area. Enthusiasts should be careful when interacting with Bitcoin at current levels. Bears dominate the near-term BTC market structure, and declines seem inevitable.
Stay tuned for upcoming crypto updates.
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