- The price of BTC is prevented from breaking above $16,700 as this region is too strong for bulls.
- BTC price remains bearish on the high timeframe as most traders and investors remain cautious.
- BTC price is recovering from a bottom of $15,500 on the daily timeframe as the price reclaims $16,500 as the price struggles to break higher than the 50 Exponential Moving Average (EMA).
The price action Bitcoin (BTC) has shown lately has been better than the previous week as the market suffered from some price decline that affected most crypto assets. Despite the Bitcoin (BTC) rally, the price is still trading below the key area of interest that would draw the attention of many buyers. The domino effect of the FTX saga and other big investors has stalled the market as the market has yet to make a big move, leading to a lot of anxiety about where the market might be headed. (Binance data)
Bitcoin (BTC) price analysis on weekly chart
Despite the uncertainty and turmoil that has impacted Bitcoin (BTC) price and the crypto market at large, many altcoins are struggling to survive and trying to stay afloat as altcoin prices continue to trend lower.
Bitcoin (BTC) has suffered further losses as the price fell from a high of $69,500 to a weekly low of $15,500, prompting speculation of another drop to $12,000.
The price of BTC fell from a weekly region of $20,500 to a region of $15,500 on the FTX fiasco as the price found minor support to hold the sell-off at another weekly low.
BTC’s price rebounded from $15,500 and surged to a high of $16,700 where the price met rejection as it broke higher. BTC price needs to sustain above $16,000 to keep any bullish hopes alive.
weekly Resistance for the price of BTC – $18,500.
Weekly support for the price of BTC – $15,500.
BTC price analysis on the daily chart (1D).
Daily BTC Price Chart | Source: BTCUSDT on Tradingview.com
BTC price remains considerably strong on the daily time frame as the price trades above $16,000 after BTC price fell from $20,500 to $15,500 as the market persists in its state of uncertainty.
BTC price continues to struggle as the price targets another bounce from this region. BTC’s price needs to be reclaimed and traded above $18,500 for a near-term relief bounce. If BTC price does not flip into the $17,500 region, we could see another rejection in BTC price into a $15,500 region and even lower.
Daily resistance for BTC price – $17,500.
Daily support for BTC price – $15,500.
Featured image by zipmex, charts by Tradingview
Source: Crypto News Deutsch