The price action displayed by Bitcoin (BTC) in recent times has yet to be encouraging after its erratic price movement, leading to the price of many altcoins, including Bitcoin (BTC), battling for survival. The Domino effect of the FTX saga and other huge investors involved has left the market at a standstill as the market is yet to make a major move after previous weeks saw the price of Bitcoin (BTC) perform well, rallying from a low of $19,200 to a high of $21,600. 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. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market could be headed. (Data from Binance)
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Bitcoin (BTC) Price Analysis On The Weekly Chart
The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.
The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.
FTX news had a huge impact on the price of BTC, sending the price into a spiral movement to a region of $15,500 as the price bounced off this region with what looked like a temporary demand zone to hold off big sell-off.
The price of BTC bounced off this region showing some great strength to a region of $17,300 as the price aims to break higher was rejected into a range of $16,500. The price of BTC needs to break above $18,500 for more signs of relief.
Weekly resistance for the price of BTC – $18,500.
Weekly support for the price of BTC – $15,500.
Price Analysis Of BTC On The Daily (1D) Chart
The price of BTC remains considerably strong in the daily timeframe as the price trades above $16,000 support after bouncing off from the region of $15,500, leading to the price forming an ascending triangle for price.
If the price of BTC breaks above $18,500, we could see more rallies for BTC price; a break below a region of $16,500 would be a bear trap as the price could go lower.
Daily resistance for the BTC price – $18,500.
Daily support for the BTC price – $16,500-$15,500.