Bitcoin Price Consolidates, Why 100 SMA Could Start A Decent Recovery

Bitcoin price remained stable above the $16,000 support zone. BTC could start a decent recovery wave if there is a clear move above the 100 hourly SMA. Bitcoin remained well bid above the $16,000 and $15,800 support levels. The price is trading below $17,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a recovery wave if it clears the $17,000 resistance zone. Bitcoin Price Faces Hurdles Bitcoin price reacted to the downside once