Bitcoin price bounced off the $15,400 price level and staged a recovery over the past day. In the last 24 hours, BTC has been moving sideways after claiming the $16,000 price mark.

Since the coin is trading sideways at the moment after the recovery, Bitcoin awaits a breakout. The coin will have to move above the $16,600 mark in order for the bears to be invalidated.

Now that Bitcoin is closer to the aforementioned price resistance mark, there could be a chance for BTC to move to the $17,000 price zone.

Buyers need to step up in order for the coin to move above the $16,600 price mark. The coin’s technical outlook confirms that it is trending upward on its chart.

The buying strength has, however, remained low despite an uptick on the one-day chart.

(By anushsamal)