- BTC’s price lost its all-time high of $18,000 as the FTX fiasco continued to affect its price
- The price continues to look bearish with the current state of the market as things look uncertain for most traders and investors
- BTC price rebounds from daily low of $15,500 as price recovers all 50 Exponential Moving Average (EMA)
The past few days for Bitcoin (BTC) have been rosy with the price surging from a low of $15,500 to a high of $16,500 as altcoins enjoy some bounce in the crypto market. Despite the relief in Bitcoin (BTC) price, the price is still trading below its previous all-time high support of $18,000, which is a bit problematic given that this region is now serving as resistance for a major rally. 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
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 prevent price declines.
BTC price suffered a price decline to a $15,500 region with many expecting the price to fall further to a $14,000 to $12,000 region when the price rebounded from this region after formed a bullish pin bar as buyers pushed the price higher to a region of $16,500.
BTC price needs to break above $18,500 for more signs of relief as this region has become key to better price action at a high of $19,500.
Weekly resistance for BTC price – $18,500.
Weekly support for BTC price – $15,500.
BTC price analysis on the daily chart (1D)
The price of BTC remains significantly elevated in the daily timeframe as the price is trading above $16,500 after falling to a region of $15,500 due to the FTX fiasco.
If the price of BTC breaks above $17,500, we might see more rallies for the price of BTC; a break below the $16,000 region would be a bear trap as the price may decline.
BTC price is trading below 50 and 200 EMA acting as resistance for BTC price to trend higher. The $18,500 and $23,500 price is the 50 and 200 EMA price that needs to be recovered for the bulls to be safe from a fresh downtrend from the bears.
Daily resistance for BTC price – $17,500.
Daily BTC price support – $16,500 to $15,500.
Featured Image From BusinessDay, Charts From Tradingview