BITCOIN PRICE ANALYSIS CMP-$16,780: Will the Bulls hold $16,000 and push above $

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A few hours ago, the Bitcoin price fell to a new December low of $16,256. However, Bulls are active near $16,200 and it has rebounded from the fall and is now trading at $16,740.
Bitcoin's price fell further, trading below $16,500. BTC is trying to recoup losses, but it may struggle to break through the $16,800 and $17,000 barrier levels. Bitcoin fell below the $17,200 support line, entering a bearish zone. BTC has been gaining traction below the $17,000 and $16,800 support levels. Price fell below the $16,600 support level and closed below the 21 hourly simple moving average.