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The bitcoin price fell over 15% and even traded below $16,000. BTC remains at risk of further losses if it breaches the $15,000 support zone.

  • Bitcoin remained in a bearish zone after the collapse of FTX and fell below $16,000.
  • The price is trading below $17,500 and the 100 hourly simple moving average.
  • A major bearish trend line is forming with resistance near $16,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue falling if it stays below the $16,500 and $17,000 levels.

Bitcoin price falls

Bitcoin price remained in a bearish zone after settling below the $20,000 support zone. Binance opted out of bailing out FTX, which led to increased selling pressure. BTC fell below the $18,500 and $17,000 levels.

The crypto market is bleeding and many altcoins such as ethereal, bnb, ripples are down more than 15%. Bitcoin price also gained bearish momentum and traded below the $16,000 support level. The price traded as low as $15,555 and is currently consolidating losses.

It is trading below $17,500 and the 100 hourly simple moving average. A major bearish trend line is also forming with resistance near $16,500 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $16,400 level. The first major resistance is near the $16,650 level. It is near the 23.6% Fib retracement level of the recent decline from the $20,671 high to $15,555 low.

bitcoin price

Source: BTCUSD on TradingView.com

A clear move above trendline resistance and $16,675 could trigger a decent rally wave. The next major resistance is near the $18,000 or the 50% Fib retracement level of the recent decline from the $20,671 high to $15,555 high, above which the price may test the $20,000 area.

More losses in BTC?

If bitcoin fails to start a wave of recovery above the $16,500 resistance area, it could continue lower. An immediate support on the downside is near the $15,800 level.

The next major support is near the $15,500 area. A clear break below the $15,500 support could push the price even lower. In this case, the price may perhaps drop below the $15,000 support zone.

Technical indicators:

Hourly MACD – The MACD is now accelerating into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 30 level.

Main support levels – $15,800, followed by $15,500.

Main resistance levels – $16,500, $16,675 and $18,000.



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