Bitcoin Plunges To $15,700 As Binance Rejects FTX Takeover – Levels To Watch
- BTC’s price loses its $18,200 support as the price trades to a region of $15,700 as Binance rejects FTX takeover.
- BTC’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors.
- BTC’s price remains weak across all timeframes as the price trades slightly below the 50 and 200 Exponential Moving Averages (EMA).
In the last two days, the crypto market has been erratic, with the price of many altcoins, including Bitcoin (BTC), battling for survival after the news came out that Binance would not be taking over FTX after conducting due diligence. Previous weeks saw the price of Bitcoin (BTC) perform well, rallying from a low of $19,200 to a high of $21,800. Most altcoins trend higher as many produced gains of over 200%, including DOGE rallying from a region of $0.55 to a high of $0.15, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market. (Data from Binance)
Related Reading: Bitcoin Price Plunges 15%, Can Buyers Save The Key $15K Support?
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 has yet to look like the previous as the week has looked choked with FUD (Fear of uncertainty and doubt), leading to many altcoins being affected negatively in price as major coins have been struggling to stay afloat from what looks like a crypto purge.
The news of Binance rescuing the situation by taking over FTX was good. Still, after conducting their due diligence, Binance decided it would not take over FTX as this has affected the market negatively, sending the price of BTC on a spiral movement to $15,700 after losing its all-time support of 2017 at $18,500.
The price of BTC has continued to look bearish after breaking below its all-time high support, which has served as support as a good demand zone for major plays holding off sell-offs. According to speculations, there are more chances of the price revisiting $14,000.
Weekly resistance for the price of BTC – $17,500.
Weekly support for the price of BTC – $15,500.
Price Analysis Of BTC On The Daily (1D) Chart
The price of BTC remains considerably weak in the daily timeframe as the price trades above $15,500 support after bouncing off that region to a high of $16,600, holding off the price from trending lower.
If the price of BTC breaks below the temporary support formed at $15,500, we could see the price of BTC trading to a region of $14,000.
Daily resistance for the BTC price – $17,000.
Daily support for the BTC price – $14,000.