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Bitcoin price gained pace and was able to clear $16,500. BTC must settle above $17,000 to start a real recovery in the near term.

Bitcoin started an upside correction and climbed above the $16,500 resistance. The price is trading above $16,400 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it settles above the $17,000 resistance zone. Bitcoin Price Recovers

Bitcoin price formed a decent support base above the $15,500 support zone. BTC remained well bid and started an upside correction above the $16,000 resistance.

There was a clear move above the 50% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low. Besides, there was a break above a major bearish

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