Bitcoin (BTC)Crypto News

Bitcoin Trades Above $16,500 – Could This Be a Bear Trap?

  • The price of BTC be lost all-time high from $18,000 as FTX fiascos continued to impact its price
  • The price continues to look bearish given the current state of the market as things appear uncertain for most traders and investors
  • BTC price is recovering from a daily timeframe bottom of $15,500 as the price reclaims the 50 Exponential Moving Average (EMA).

The past few days have been rosy for Bitcoin (BTC), with its price rallying from a low of $15,500 to a high of $16,500, with altcoins seeing a slight bounce in the crypto market. Despite the relief for Bitcoin (BTC) price, the price is still trading below its previous all-time high support of $18,000, which is a bit problematic considering that this region is now classified as Resistance used for a big rally. 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 as to where the market might be headed. (Binance data)

Bitcoin (BTC) price analysis on weekly chart

The past few days have been filled with so much turmoil in the crypto space that many altcoins have struggled to show strength after losing key support to stave off the price decline.

The price of BTC suffered a price pullback to a $15,500 region, with many expecting the price to fall further to a $14,000-$12,000 region as the price bounced off this region after a bullish pin bar formed when Buyers pushed the price higher to a $16,500 region.

BTC price needs to break above $18,500 to see more signs of relief as this region has become key for better price action to a high of $19,500.

Weekly resistance for BTC price – $18,500.

Weekly support for the price of BTC – $15,500.

BTC price analysis on the daily chart (1D).

Bitcoin Trades Above $16,500 – Could This Be a Bear Trap?, Crypto Trading NewsDaily BTC Price Chart | Source: BTCUSDT on Tradingview.com

BTC price remains considerably strong on the daily time frame as the price trades above $16,500 after dropping to a $15,500 region on the back of the FTX fiasco.

If BTC price surges above $17,500, we could see more rallies for BTC price; A break below $16,000 region would be a bear trap as the price could turn lower.

BTC price is trading below the 50 and 200 EMA which is acting as resistance for an uptrend in BTC price. The price of $18,500 and $23,500 is the price of the 50 and 200 EMA, which needs to be reclaimed for bulls to be safe from another downtrend by bears.

Daily resistance for BTC price – $17,500.
Daily support for BTC price – $16,500-$15,500.

Featured image by BusinessDay, charts by Tradingview

Source: Crypto News Deutsch

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