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• BTC’s value is rejected from breaking above $16,700 as this area is just too sturdy for bulls. 
• BTC’s value stays bearish within the excessive timeframe as most merchants and traders stay cautious. 
• BTC’s value bounces from a low of $15,500 on the day by day timeframe as the value reclaims $16,500 as value struggles to interrupt greater above the 50 Exponential Moving Average (EMA)

The value motion demonstrated by Bitcoin (BTC) in current occasions has been higher than the earlier week because the market suffered from some value decline affecting most crypto property. Despite the reduction bounce from Bitcoin (BTC), the value nonetheless trades under the important thing area of curiosity that will entice the eye of many consumers. The Domino impact of the FTX saga and different big traders has left the market at a standstill because the market is but to make a significant transfer resulting in a lot concern about the place the market might be headed. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart

Despite the uncertainty and turbulence that has affected the value of Bitcoin (BTC) and the crypto market at massive, many altcoins are struggling for survival, making an attempt to remain afloat as the costs of altcoins proceed a downward value motion.  

Bitcoin (BTC) has suffered extra value loss, as the value dropped from a excessive of $69,500 to a weekly low of $15,500, resulting in hypothesis of an additional drop to $12,000. 

BTC’s value declined from a weekly area of $20,500 to a area of $15,500 as a result of FTX fiasco, as the value discovered minor assist to carry the sell-off in value to an additional weekly low. 

The value of BTC bounced off from $15,500, rallying to a excessive of $16,700, the place the value confronted rejection breaking greater. The value of BTC wants to carry above $16,000 to maintain alive the hope of a reduction bounce. 

Weekly resistance for the value of BTC – $18,500.

Weekly assist for the value of BTC – $15,500.

Price Analysis Of BTC On The Daily (1D) Chart

The value of BTC stays significantly sturdy within the day by day timeframe as the value trades above $16,000 after BTC noticed its value decline from $20,500 to $15,500 because the market continues in its state of uncertainty. 

BTC’s value continues to battle as value goals for extra reduction bounce from this area. The value of BTC must reclaim and commerce above $18,500 for a short-term reduction bounce. If the value of BTC fails to flip the area of $17,500, we may see extra rejection in BTC value to a area of $15,500 and even decrease. 

Daily resistance for the BTC value – $17,500.

Daily assist for the BTC value – $15,500.

Featured Image From zipmex, Charts From Tradingview