Previous weeks saw the price of Bitcoin (BTC) and most altcoins trend higher as many produced gains of over 200%, including the price of Bitcoin (BTC) rallying from a region of $19,200 to a high of $21,600 with many hoping the price of BTC would pull off a good price action to a region of $25,000. Still, these expectations were cut short by the uncertainty surrounding the crypto market. Bitcoin (BTC) is looking too weak as the week has continued to look unprecedented, with the current market looking choked with the current issue between Binance and FTX, creating a fear of uncertainty and doubt for most traders and investors. (Data from Binance)
Related Reading: Bitcoin Price Takes Major Hit, Why The Bears Are Not Done Yet
Bitcoin (BTC) Price Analysis On The Weekly Chart
The previous week saw many altcoins produced over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.
The new week hasn’t kicked in like the last as most altcoins, including BTC, have all begun to look shaky, dropping off from their weekly highs, including the price of Ethereum (ETH) and Bitcoin (BTC) suffering a major price retracement back to a region of $1,300 and $18,000 respectively.
Still, the price of BTC has looked after breaking below its previous all-time high that has continued to serve as a support and demand zone for months now, holding off the price from sell-offs. The price of BTC retesting the support at $18,000 is not good for the market as this would weaken this region for bears to push the price lower.
The price of BTC needs to rally off this region to look safe and avoid dropping below its weekly lows, as this would affect the general market sentiment.
Weekly resistance for the price of BTC – $19,500.
Weekly support for the price of BTC – $18,000 – $16,000.
Price Analysis Of BTC On The Daily (1D) Chart
The BTC price remains weak in the daily timeframe as price trades below $18,500, holding off the price from trending lower after retesting this region on previous times, bouncing off to begin a rally to a region of $19,500.
BTC’s price closed below $18,500 on the daily timeframe indicating there are more chances of BTC trending downwards as the market continues to be in doubt.
The price of BTC needs to rally to a region of $19,500 for the price to remain safe temporarily, leading to a relief rally.
Daily resistance for the BTC price – $18,500-$19,500.
Daily support for the BTC price – $17,000-$16,500.