The current Bitcoin price is $16,856, and the 24-hour trading volume is $21 billion. The BTC price is down just over 1% today, along with the second-leading cryptocurrency Ethereum.
Given the strong US dollar, the BTC/USD pair has broken down below the $16,900 support level, which is now acting as resistance. In this scenario, BTC could fall to the next support level of $16,500 or even $16,000.
Alternatively, a bullish breakout above $16,900 could expose the BTC price to $17,200 or $17,350.
Compiled by Coinbold