- BTC’s value holds above $16,000 value struggles to break above $17,000, creating extra fear for a lot of merchants
- Price stays weak as bears battle bulls, as the value fails to break above $17,500 with a lot uncertainty available in the market
- Rejection from a low of $17,000 on the excessive timeframe famous, as value trades above $16,000 beneath the 50 Exponential Moving Average (EMA)
The value motion demonstrated by Bitcoin (BTC) just lately hasn’t given merchants and buyers a lot likelihood to commerce with liberty as costs proceed in a useless cat bounce with extra expectations heading towards a draw back. In the excessive timeframe, the value of Bitcoin (BTC) seems heavy towards a downtrend motion in contrast to an upside.
Despite the reduction bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to backside out. The Domino impact of the FTX saga and different giant buyers has stalled the market, because it has but to make a big transfer, elevating considerations concerning the market’s course. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
Despite the reduction bounce throughout the market, with the value of BTC rallying from a weekly low of $15,500 to a excessive of $17,000, the crypto market stays in an unsure and turbulent state that has affected the value of Bitcoin (BTC). Many altcoins are struggling for survival, making an attempt to keep afloat as the costs of altcoins proceed a downward value motion.
BTC’s value had a weekly shut beneath an important space of $16,500 after exhibiting a lot power rallying to a excessive of $17,000, the place its value was rejected from trending increased.
After BTC’s value declined from a weekly excessive of $17,000 to a area of $16,200, the value has struggled to regain such power it has rallying to this excessive with extra hypothesis of value retesting the area of $14,000 if the value of BTC closes beneath its earlier month-to-month shut of $19,000.
Weekly resistance for the value of BTC – $16,500.
Weekly assist for the value of BTC – $15,000-$14,000.
Price Analysis Of BTC On The Daily (1D) Chart
The value of BTC stays significantly weak within the every day timeframe after closing beneath $16,500. With BTC’s value unable to break above $17,000, there are excessive probabilities of value retesting the areas of $15,500, the place the value was purchased up immediately from going decrease.
BTC’s value at present trades at $16,200 beneath the 50 and 200 EMA, performing as resistance for the value of BTC from buying and selling increased. The value of BTC wants to break above $18,500 and $24,000 for the value of BTC to kickstart the value restoration plan.
If the value of BTC fails to flip the area of $18,500 and $24,000 corresponds to 50 and 200 EMA and will get rejected beneath $15,000, we may see extra rejections for BTC value to a area of $14,000 and even decrease.
Daily resistance for the BTC value – $17,000.
Daily assist for the BTC value – $15,500.
Featured Image From Canvas, Charts From Tradingview