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Bitcoin value declined over 15% and even traded under $16,000. BTC stays at a threat of extra losses if it breaks the $15,000 assist zone.

• Bitcoin remained in a bearish zone after the FTX collapse and declined under $16,000.
• The value is buying and selling under $17,500 and the 100 hourly easy shifting common.
• There is a serious bearish pattern line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might proceed to maneuver down if it stays under the $16,500 and $17,000 ranges.

Bitcoin Price Tumbles

Bitcoin value remained in a bearish zone after it settled under the $20,000 assist zone. Binance opted out to bail FTX, leading to a rise in promoting stress. BTC declined under the $18,500 and $17,000 ranges.

The crypto market is bleeding and plenty of altcoins corresponding to ethereum, bnb, ripple are down over 15%. Bitcoin value additionally gained bearish momentum and traded under the $16,000 assist degree. The value traded as little as $15,555 and is presently consolidating losses.

It is buying and selling under $17,500 and the 100 hourly easy shifting common. There can also be a serious bearish pattern line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair.

On the upside, an instantaneous resistance is close to the $16,400 degree. The first main resistance is close to the $16,650 degree. It is close to the 23.6% Fib retracement degree of the latest decline from the $20,671 swing excessive to $15,555 low.

Source: BTCUSD on TradingView.com

A transparent transfer above the pattern line resistance and $16,675 would possibly begin an honest restoration wave. The subsequent main resistance is close to $18,000 or the 50% Fib retracement degree of the latest decline from the $20,671 swing excessive to $15,555 low, above which the value might take a look at the $20,000 zone.

More Losses in BTC?

If bitcoin fails to start out a restoration wave above the $16,500 resistance zone, it might proceed to maneuver down. An speedy assist on the draw back is close to the $15,800 degree.

The subsequent main assist is close to the $15,500 zone. A transparent transfer under the $15,500 assist would possibly push the value additional decrease. In this case, the value could maybe decline under the $15,000 assist zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

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

Major Support Levels – $15,800, adopted by $15,500.

Major Resistance Levels – $16,500, $16,675 and $18,000.