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  • The price of BTC lost its all-time high as the price struggled to break above $17,000.
  • The price of BTC continues to look bearish with the current state of the market as things look uncertain for most traders and investors.
  • BTC price looks weak as price struggles to hold above $16,000, with potential to recover the daily 50 Exponential Moving Average (EMA) remains dark.

The price action shown by Bitcoin (BTC) has continued to look discouraging, with the FTX effect affecting smaller crypto projects like Genesis as the market continues to look weak with each passing day, meaning the bottom does not is not yet driving the price of many altcoins, including Bitcoin (BTC), struggling for survival. The Domino effect of the FTX saga and other huge investors has left the market stalled as the market has yet to make a major shift after the previous weeks saw the price of Bitcoin (BTC) perform well. Most altcoins lost key support and traded with over 90% loss, with many hoping for a crypto revival. (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.

The current uncertainty surrounding the market has resulted in a reluctance on the part of traders and investors to make altcoin purchases as there is no guarantee they will be heading anytime soon.

FTX and now Genesis news had a huge impact on the price of BTC, sending the price into a spiraling motion towards a $15,500 region as the price bounced off that region with what looked like a temporary demand zone for delay a big sell- off.

After the price of BTC closed below the weekly high of $17,000, there is a good chance that the market will turn lower, with BTC prices looking more bearish with the weekly open.

Weekly resistance for BTC price – $17,500.

Weekly support for BTC price – $15,500.

BTC price analysis on the daily chart (1D)

BTC Daily Price Chart | Source: BTCUSDT

The price of BTC remains significantly weak in the daily timeframe as the price is trading below the $16,500 resistance after bouncing back from the $15,500 region.

With the rumor of a probable Genesis bankruptcy, this could affect the price of BTC and other smaller assets, with the price facing a possibility of losing the region of $15,500.

If the price of BTC rises above $15,500, we could see more selling, as this is a temporary region to hold bears.

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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