Bitcoin Bulls Get Rejected As $16,700 Proves Too Robust; Right here Is What To Anticipate

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

The value motion demonstrated by Bitcoin (BTC) in latest occasions has been higher than the earlier week because the market suffered from some worth decline affecting most crypto property. Regardless of the reduction bounce from Bitcoin (BTC), the value nonetheless trades beneath the important thing area of curiosity that may appeal to the eye of many consumers. The Domino impact of the FTX saga and different large traders has left the market at a standstill because the market is but to make a serious transfer resulting in a lot worry about the place the market may very well be headed. (Information from Binance)

Bitcoin (BTC) Worth Evaluation On The Weekly Chart

Regardless of the uncertainty and turbulence that has affected the value of Bitcoin (BTC) and the crypto market at giant, many altcoins are struggling for survival, attempting to remain afloat as the costs of altcoins proceed a downward worth motion.  

Bitcoin (BTC) has suffered extra worth 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 worth declined from a weekly area of $20,500 to a area of $15,500 because of the FTX fiasco, as the value discovered minor assist to carry the sell-off in worth 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 larger. 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.

Worth Evaluation Of BTC On The Day by day (1D) Chart

Day by day BTC Worth Chart | Supply: BTCUSDT On Tradingview.com

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

BTC’s worth continues to battle as worth 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 might see extra rejection in BTC worth to a area of $15,500 and even decrease. 

Day by day resistance for the BTC worth – $17,500.

Day by day assist for the BTC worth – $15,500.

Featured Picture From zipmex, Charts From Tradingview 

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