• Bitcoin is attempting an upside break above $16,800.
• BTC could gain bullish momentum if it clears the $16,800 and $17,000 resistance levels.
• There is a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC/USD pair.
Bitcoin price is attempting an upside break above $16,800, as the bulls are working hard to push the price past this major resistance. If they are successful, then the leading cryptocurrency could gain the necessary bullish momentum to move past the $17,000 level. There is a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC/USD pair, which is likely to act as a strong support should the price pull back from the current levels.
The bulls have been pushing the price higher since the start of the week, when Bitcoin broke past the $16,350 mark. The price surged above $16,650, and even spiked towards the $16,800 resistance zone. However, the buyers failed to break past the $16,800 mark, resulting in a minor correction. The price dropped below the $16,700 level, but the bulls were able to keep the losses in check and the price is now trading above $16,600.
The 100 hourly simple moving average is also providing support near the $16,600 level. In addition, there is a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC/USD pair. If the price pulls back, it is likely to find strong buying interest near the trend line and the $16,600 level. The first major resistance is near the $16,700 zone. If the bulls are successful in clearing the $16,700 resistance, then the price is likely to continue higher.
To start the next leg higher, Bitcoin needs to break past the $16,800 level. If this happens, then the leading cryptocurrency is likely to move past $17,000 and gain the necessary bullish momentum to continue higher. On the downside, the key support is near the trend line and the $16,600 level. If the price fails to stay above the trend line, then it is likely to move lower towards the $16,500 support zone.