Bitcoin price extended its decline below the $17,000 level. BTC could avoid a major drop if it closes above the $17,000 resistance zone.

• Bitcoin remained in a bearish zone and traded below the $17,000 support.
• The price is trading below $17,000 and the 100 hourly simple moving average.
• There is a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is showing a few bearish signs below the $17,000 pivot level.

Bitcoin Price Is Showing Bearish Signs

Bitcoin price failed to stay in a positive zone above the $17,000 pivot level. BTC bears were active and there was a push below the $16,800 support zone.

The price tested the $16,700 level and settled below the 100 hourly simple moving average. A low is formed near $16,700 and the price is now consolidating losses. There was a minor increase above the $16,800 resistance level.

Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low. It is now trading below $17,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $16,920 level and the bearish trend line. It is near the 50% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low.

Source: BTCUSD on TradingView.com

The first major resistance…