Bitcoin (BTC) Reclaims $16,500 But Not In Safe Zone; Here Is Why

  • BTC’s worth exhibits energy as worth bounces off from a weekly low of $15,500 to development increased, giving bulls some aid. 
  • BTC’s worth continues to look sturdy as bearish sentiment for the market lingers, with issues trying unsure for many merchants and traders. 
  • BTC’s worth bounces from a low of $15,500 on the day by day timeframe as the value strikes in a variety beneath the 50 Exponential Moving Average (EMA)

With many on the lookout for a serious dump in Bitcoin (BTC) worth, the value of Bitcoin (BTC) bounced from $15,500 as worth rallied to a excessive of $16,500, leaving bears on the sidelines. The worth motion displayed by Bitcoin (BTC) in current instances has but to be encouraging after its erratic worth motion, main to the value of many altcoins, together with Bitcoin (BTC), battling for survival. The Domino impact of the FTX saga and different large traders concerned has left the market at a standstill because the market is but to make a serious transfer after earlier weeks noticed the value of Bitcoin (BTC) carry out nicely, rallying from a low of $19,200 to a excessive of $21,600 (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart

The previous few days haven’t been one of the best of instances for many crypto merchants and traders, with many changing into anxious as to the place the market could possibly be headed after a lot turbulence within the crypto area as many altcoins have struggled to present energy, dropping their key assist in a bid to survive. 

The present uncertainty surrounding the market has resulted in reluctance on the a part of merchants and traders to make altcoin purchases, as there is no assurance if they can be heading up any time quickly.

The worth of BTC noticed its worth traded in a area of $15,500 on the weekly chart, however the worth bounced from this area to a rally excessive of $16,500, displaying some nice energy. The worth of BTC wants to break above $18,500 for extra indicators of aid. If BTC costs fail, this could possibly be a bear lure and lead to extra downward worth motion.

Weekly resistance for the value of BTC – $18,500.

Weekly assist for the value of BTC – $15,500.

Price Analysis Of BTC On The Daily (1D) Chart

Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

The worth of BTC stays significantly sturdy within the day by day timeframe as the value trades above $16,500 assist after bouncing off from the area of $15,500, main to the value forming a bullish divergence for worth.

If the value of BTC breaks above $18,500, we might see extra rallies for BTC worth to a area of $19,500-$20,000; a break beneath a area of $15,500 can be a bear lure as the value might go decrease. 

Daily resistance for the BTC worth – $18,500.

Daily assist for the BTC worth – $16,500-$15,500.

Featured Image From zipmex, Charts From Tradingview 

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