VOT Research Desk
After bouncing back from the drop that was observed three days ago, the price of bitcoin reached the $17,592 resistance level.
The king coin is attempting another bounce from $16,762 after failing to move higher. The $17,592 barrier must turn into a support floor before the buyers can be said to be back.
Market participants can anticipate BTC to start a recovery surge to $18,620 in such a scenario.
However, the positive view will be invalidated if bears gain control and the price of bitcoin drops below the critical support level around $16,455. This development may cause panic selling by investors, causing a drop to the $15,000 psychological threshold, which was last reached about two years ago.
