Bitcoin price failed to gain pace above the $17,000 resistance. BTC struggled to stay above the $16,650 level and started a fresh decline. The first major resistance is near the $16,400 zone. There is also a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC/USD pair. The next major resistance is near the $16,500 level. It is near the 50% Fib retracement level of the recent decline from the $16,795 swing high to the $16,156 low. (newsbtc)