Home CryptocurrencyAnalysis Bitcoin (BTC) Retraces $16,500 But Not In Safe Zone; Here’s why

Bitcoin (BTC) Retraces $16,500 But Not In Safe Zone; Here’s why

by SuperiorInvest
  • BTC price is showing strength as the price bounces off the weekly low of $15,500 to trend higher, giving the bulls some relief.
  • BTC price continues to look strong as bearish market sentiment persists, with things looking uncertain for most traders and investors.
  • BTC price bounces off $15,500 low on daily time frame as price moves below 50 Exponential moving average (EMA)

With many looking for a big drop in Bitcoin (BTC), the price of Bitcoin (BTC) bounced back from $15,500 as the price rose to a high of $16,500, keeping the bears on the sidelines. The price action of Bitcoin (BTC) has not yet been encouraging in recent times after its erratic price movement has left the price of many altcoins, including Bitcoin (BTC), struggling for survival. The domino effect of the FTX saga and other big investors involved have left the market at a standstill as the market is yet to make any major move after the Bitcoin (BTC) price performed well in the previous weeks, rising from a low of $19,200 to a high of $21,600 (data from Binance)

Bitcoin (BTC) price analysis on a weekly chart

The past few days have not been the best for most crypto traders and investors, with many starting to worry about where the market might be headed after so much turbulence in the crypto space as many altcoins struggled to show strength and lost their key support in their bid to survive.

The current uncertainty surrounding the market has resulted in a reluctance on the part of traders and investors to buy altcoins as there is no guarantee that they will head higher anytime soon.

BTC price was trading in the $15,500 area on the weekly chart, but the price rebounded from that area to a high of $16,500, showing some major strength. BTC price needs to break above $18,500 to show more relief. If BTC prices fail, it could be a bear trap and lead to further downward price movement.

Weekly resistance for BTC price – $18,500.

Weekly BTC Price Support – $15,500.

BTC price analysis on a daily (1D) chart

BTC Daily Price Chart | Source: BTCUSDT On Tradingview.com

BTC price remains quite strong on the daily time frame as the price is trading above the $16,500 support after bouncing off the $15,500 area, leading the price to form a bullish price divergence.

If the BTC price breaks above $18,500, we could see further increases in the BTC price in the $19,500-$20,000 area; a break below the $15,500 region would be a bear trap as the price could fall.

Daily resistance for BTC price – $18,500.

Daily support for BTC price – $16,500 – $15,500.

Featured Image From zipmex, Charts From Tradingview 

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