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• BTC’s worth holds above $16,000 worth struggles to interrupt above $17,000, creating extra fear for a lot of merchants 
• Price stays weak as bears battle bulls, as the value fails to interrupt above $17,500 with a lot uncertainty out there 
• Rejection from a low of $17,000 on the excessive timeframe famous, as worth trades above $16,000 beneath the 50 Exponential Moving Average (EMA)

The worth motion demonstrated by Bitcoin (BTC) not too long ago hasn’t given merchants and buyers a lot likelihood to commerce with liberty as costs proceed in a useless cat bounce with extra expectations heading towards a draw back. In the excessive timeframe, the value of Bitcoin (BTC) seems to be heavy towards a downtrend motion in comparison with an upside.

Despite the aid bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to behave as a catalyst for the market to backside out. The Domino impact of the FTX saga and different massive buyers has stalled the market, because it has but to make a big transfer, elevating considerations in regards to the market’s path. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart

Despite the aid bounce throughout the market, with the value of BTC rallying from a weekly low of $15,500 to a excessive of $17,000, the crypto market stays in an unsure and turbulent state that has affected the value of Bitcoin (BTC). Many altcoins are struggling for survival, making an attempt to remain afloat as the costs of altcoins proceed a downward worth motion.  

BTC’s worth had a weekly shut beneath a vital space of $16,500 after exhibiting a lot power rallying to a excessive of $17,000, the place its worth was rejected from trending increased.

After BTC’s worth declined from a weekly excessive of $17,000 to a area of $16,200, the value has struggled to regain such power it has rallying to this excessive with extra hypothesis of worth retesting the area of $14,000 if the value of BTC closes beneath its earlier month-to-month shut of $19,000.

Weekly resistance for the value of BTC – $16,500.

Weekly assist for the value of BTC – $15,000-$14,000.

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

The worth of BTC stays significantly weak within the every day timeframe after closing beneath $16,500. With BTC’s worth unable to interrupt above $17,000, there are excessive possibilities of worth retesting the areas of $15,500, the place the value was purchased up immediately from going decrease.

BTC’s worth presently trades at $16,200 beneath the 50 and 200 EMA, appearing as resistance for the value of BTC from buying and selling increased. The worth of BTC wants to interrupt above $18,500 and $24,000 for the value of BTC to kickstart the value restoration plan.

If the value of BTC fails to flip the area of $18,500 and $24,000 corresponds to 50 and 200 EMA and will get rejected beneath $15,000, we might see extra rejections for BTC worth to a area of $14,000 and even decrease. 

Daily resistance for the BTC worth – $17,000.

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

Featured Image From Canvas, Charts From Tradingview