Bitcoin Bulls And Bears Tussle As Price Stalls At 16,500; Who Will Come Top?
BTC’s price lost its all-time high of $18,000 as FTX fiascos
continued to affect its price. BTC’s price continues to
look bearish with the market’s current state, as things look
uncertain for most traders and investors. BTC’s price bounces
from a low of $15,500 on the daily timeframe as the price moves in
a range below the 50 Exponential Moving Average (EMA) The price
action displayed by Bitcoin (BTC) in recent times has yet to be
encouraging after its erratic price movement, leading to the price
of many altcoins, including Bitcoin (BTC), battling for survival.
The Domino effect of the FTX saga and other huge investors involved
has left the market at a standstill as the market is yet to make a
major move after previous weeks saw the price of Bitcoin (BTC)
perform well, rallying from a low of $19,200 to a high of $21,600.
Most altcoins trend higher as many produced gains of over 200%,
including DOGE rallying from a region of $0.55 to a high of $0.15.
Still, these expectations were cut short by the uncertainty
surrounding the crypto market, leading to much fear about where the
market could be headed. (Data from Binance) Related Reading: Cosmos
(ATOM) Trades Below $13 As Bulls Give Up; Here Are Levels Bulls
Will Buy Bitcoin (BTC) Price Analysis On The Weekly Chart The past
few days have been filled with so much turbulence in the crypto
space as many altcoins have struggled to show strength after losing
their key support holding off price decline. The current
uncertainty surrounding the market has resulted in reluctance on
the part of traders and investors to make altcoin purchases, as
there is no assurance if they would be heading up any time soon.
FTX news had a huge impact on the price of BTC, sending the price
into a spiral movement to a region of $15,500 as the price bounced
off this region with what looked like a temporary demand zone to
hold off big sell-off. The price of BTC bounced off this region
showing some great strength to a region of $17,300 as the price
aims to break higher was rejected into a range of $16,500. The
price of BTC needs to break above $18,500 for more signs of relief.
Weekly resistance for the price of BTC – $18,500. Weekly support
for the price of BTC – $15,500. Price Analysis Of BTC On The Daily
(1D) Chart The price of BTC remains considerably strong in the
daily timeframe as the price trades above $16,000 support after
bouncing off from the region of $15,500, leading to the price
forming an ascending triangle for price. If the price of BTC breaks
above $18,500, we could see more rallies for BTC price; a break
below a region of $16,500 would be a bear trap as the price could
go lower. Daily resistance for the BTC price – $18,500.
Daily support for the BTC price – $16,500-$15,500. Related Reading:
Ethereum Price Showing Early Signs of Fresh Drop, But This Support
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