Bitcoin Struggles to Clear $17K, Bearish Pressure Remains

• Bitcoin price is struggling to clear the $17,000 resistance.
• BTC remains at a risk of more downsides below the $16,000 support zone before the year end.
• Bitcoin is showing bearish signs below the $17,000 and $17,200 resistance levels.

The price of Bitcoin has been struggling to break through the $17,000 resistance as it remains at risk of further downside before the end of the year. Bitcoin has been exhibiting bearish signs below the $17,000 and $17,200 resistance levels, trading below $16,700 and the 100 hourly simple moving average.

Recently, a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair was seen. However, Bitcoin price is now trading back below $16,700 and the 100 hourly simple moving average. On the upside, the immediate resistance is near the $16,650 level. The first major resistance is near the $16,700 zone and the 100 hourly SMA.

Despite several attempts to break through the $17,000 resistance, Bitcoin has been unable to sustain any significant gains. The price has been declining since it reached a local high of $17,988 on November 25th. Since then, there has been a steady downward trend, with a few short-term corrections.

The short-term outlook for Bitcoin remains bearish, as long as it stays below the $17,000 resistance level. If the price fails to break above the resistance level, it could result in further downside towards the $16,000 support zone. On the upside, if Bitcoin is able to break above the resistance level, it could open the doors for further gains and an eventual test of the all-time high of $20,000.

It is important to note that the overall crypto market sentiment is still bullish. Many analysts expect Bitcoin price to end the year strongly, possibly reaching the $20,000 level. However, the next few weeks will be crucial in determining whether or not the bulls can break through the $17,000 resistance and take Bitcoin to new highs.