Home CryptocurrencyAnalysis Bitcoin Bulls Are Rejected As $16,700 Turns Out Too Strong; Here’s what to expect

Bitcoin Bulls Are Rejected As $16,700 Turns Out Too Strong; Here’s what to expect

by SuperiorInvest
  • BTC price is rejected from breaking above $16,700 as this region is too strong for bulls.
  • BTC price remains bearish in the long term as most traders and investors remain cautious.
  • BTC price bounces off $15,500 low on daily time frame as price pulls back to $16,500 as price tries to break above 50 Exponential moving average (EMA)

The recent price action shown by Bitcoin (BTC) has been better than last week as the market suffered from some price decline that affected most crypto assets. Despite the relief rebound from Bitcoin (BTC), the price is still trading below a key area of ​​interest that would attract the attention of many buyers. The domino effect of the FTX saga and other huge investors has stalled the market as the market is yet to make a major move leading to great fear of where the market could be headed. (Data from Binance)

Bitcoin (BTC) price analysis on a weekly chart

Despite the uncertainty and turbulence that has affected the price of Bitcoin (BTC) and the crypto market in general, many altcoins are fighting for survival and struggling to stay afloat as altcoin prices continue to move downwards.

Bitcoin (BTC) suffered a bigger loss as the price dropped from a high of $69,500 to a weekly low of $15,500, leading to speculation of a further drop to $12,000.

BTC price dropped from the weekly $20,500 region to the $15,500 region due to the FTX fiasco as the price found less support to hold the selloff price at another weekly low.

BTC price bounced back from $15,500 and climbed to a high of $16,700 where the price faced rejection and broke higher. BTC price needs to hold above $16,000 to maintain hope of a relief bounce.

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 trades above $16,000 after BTC saw a drop from $20,500 to $15,500 as the market continues to be in a state of uncertainty.

BTC price continues to struggle as the price is headed for a bigger bounce out of this region. BTC price needs to recover and trade above $18,500 for a short-term relief bounce. If the BTC price fails to break through the $17,500 area, we could see another BTC price rejection to the $15,500 area and further below.

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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