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  • BTC price is rejected from breaking above $16,700 as this region is too strong for bulls.
  • The price of BTC remains bearish in the high period as most traders and investors remain cautious.
  • BTC price rebounds from a daily low of $15,500 as price recovers $16,500 as price struggles to break above 50 Exponential Moving Average (EMA)

The price action shown by Bitcoin (BTC) lately has been better than the previous week as the market suffered from some price decline affecting most crypto assets. Despite bitcoin (BTC)’s relief bounce, the price is still trading below the key region of interest that would attract the attention of many buyers. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market has yet to make a major shift causing a lot of fear as to where the market might go . (Data from Binance)

Bitcoin (BTC) price analysis on the weekly chart

Despite the uncertainty and turmoil that has plagued the price of Bitcoin (BTC) and the crypto market as a whole, many altcoins are struggling to survive, trying to stay afloat as altcoin prices continue their upward trend. the decline.

Bitcoin (BTC) suffered a bigger price loss as the price fell from a high of $69,500 to a weekly low of $15,500, leading to speculation of a further decline to $12,000 .

The price of BTC moved from a weekly region of $20,500 to a region of $15,500 due to the FTX fiasco, as the price found minor support to keep the price selling at a new weekly low.

The price of BTC rebounded from $15,500, reaching a high of $16,700, where the price faced an upside rejection. BTC price needs to hold above $16,000 to sustain hope for a relief bounce.

Weekly resistance for BTC price – $18,500.

Weekly support for BTC price – $15,500.

BTC price analysis on the daily chart (1D)

BTC Daily Price Chart | Source: BTCUSDT Tradingview.com

The price of BTC remains significantly high in the daily timeframe as the price is trading above $16,000 after BTC saw its price decline from $20,500 to $15,500 as the market continues in its doldrums. uncertainty.

BTC price continues to struggle as the price aims to bounce further in this region. BTC price needs to recover and trade above $18,500 for a near-term relief bounce. If BTC price fails to swing the $17,500 region, we could see more BTC price rejection towards $15,500 region and even lower.

Daily resistance for BTC price – $17,500.

Daily support for BTC price – $15,500.

Featured Image From zipmex, Charts From Tradingview 



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