Can Bitcoin hit $17K next? Watch these 3 key BTC price levels

Bitcoin has been eating up multi-year resistance levels like Pacman on an amphetamine-induced rampage lately, smashing through $11,300, then $12,400 then $13,100 before being rejected around the $14,000 level.

Well the BTC dominance has been on a massive rip since September, suggesting that altcoins are being sold off to pile into Bitcoin to push past this last major level of resistance.

The 4-hour chart for BTC market cap dominance shows that it's currently resting around 64.8% with very little resistance between 67.80%, representing a 4.44% increase and 68.98%, representing a 6.34% increase.

If that figure shows its face again, I think the "Marines" will start to lose their love for their beloved LINK as a price of $6.50 looks more likely by the day based on previous support and resistance levels.

If we cast our minds back to what happened to Bitcoin at $20K, it's taken a good three years to start to return to those levels.

Should Ether lose the lower channel support, I'd expect there to be support at $350 and $310, which represents the 0.236 and full fib retracement levels that are shown below.

Upper-level resistance around $14,400 - this is the level that needs to be broken out of, from here $17k Bitcoin starts to feel tangible.

Mid-level resistance around $13,800 - breaking out above this level puts the upper-level resistance as the next target.

Lower channel support - this level is likely to hold based on orderbook heatmap data.

The picture for the ascending channel is supported by orderbook heatmap data from Binance, showing a triple layer buy-wall at the lower channel support level, followed by some weaker sell-walls at the mid-level resistance level and upper resistance levels of $13,800 and $14,000, respectively.