Despite the BlockFi bankruptcy news and an acute bearish trend, Bitcoin has remained resilient to bearish pressure. Some indicators and crypto prediction experts like coinpedia still point to a possible bearish trend reversal. The BTC price nearly jumped between $16,800 to $15,800 this week.
Bitcoin is having trouble coping with the bearish influences.
The asset could soon experience a major bearish reversal or upswing, until the price rises above $17,000 to reach the critical level of $17,500.
BTC is currently trading just above $16,500, which is the critical resistance. It is trying hard to validate the current upswing. Therefore, a slight pullback close to the previous resistance could be prominent before the price moves up.