Bitcoin’s price holds above $16,000 price struggles to break above $17,000, creating more worry for many traders
Price remains weak as bears battle bulls, as the price fails to break above $17,500 with so much uncertainty in the market
Rejection from a low of $17,000 on the high timeframe noted, as price trades above $16,000 below the 50 Exponential Moving Average (EMA)
The price movement demonstrated by Bitcoin (BTC) recently hasn’t given traders and investors much chance to trade with liberty as prices continue in a dead cat bounce with more expectations heading toward a downside. In the high timeframe, the price of Bitcoin (BTC) looks heavy toward a downtrend movement compared to an upside.
Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out. The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
Despite the relief bounce across the market, with the price of BTC rallying from a weekly low of $15,500 to a high of $17,000, the crypto market remains in an uncertain and turbulent state that has affected the price of Bitcoin (BTC). Many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.
Bitcoin’s price had a weekly close below a crucial area of $16,500 after showing so much strength rallying to a high of $17,000, where its price was rejected from trending higher.
After BTC’s price declined from a weekly high of $17,000 to a region of $16,200, the price has struggled to regain such strength it has rallying to this high with more speculation of price retesting the region of $14,000 if the price of BTC closes below its previous monthly close of $19,000.
Weekly resistance for the price of BTC – $16,500.
Weekly support for the price of BTC – $15,000-$14,000.
Price Analysis Of BTC On The Daily (1D) Chart
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com
The price of BTC remains considerably weak in the daily timeframe after closing below $16,500. With BTC’s price unable to break above $17,000, there are high chances of price retesting the regions of $15,500, where the price was bought up instantly from going lower.
BTC’s price currently trades at $16,200 below the 50 and 200 EMA, acting as resistance for the price of BTC from trading higher. The price of BTC needs to break above $18,500 and $24,000 for the price of BTC to kickstart the price recovery plan.
If the price of BTC fails to flip the region of $18,500 and $24,000 corresponds to 50 and 200 EMA and gets rejected below $15,000, we could see more rejections for BTC price to a region of $14,000 and even lower.
Daily resistance for the BTC price – $17,000.
Daily support for the BTC price – $15,500.
Featured Image From Canvas, Charts From Tradingview