Bitcoin Price Resists But Breaking This Resistance Could Encourage Bulls

Bitcoin price is struggling to clear the $17,000 resistance zone. BTC must stay above $16,000 to avoid more losses in the near term.Bitcoin is still consolidating above the $16,350 and $16,000 support levels.
The price is trading just above $16,500 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $16,750 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 resistanc