- BTC’s price loses its $18,000 all-time high support as the price trades to a region of $17,000 before bouncing off this region.
- BTC’s price continues to look bearish with the market’s current state, as things will look uncertain for most traders and investors.
- BTC’s price remains weak across all timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).
In the past weeks, the Bitcoin price (BTC), and many altcoins, trended higher. The Bitcoin price (BTC), rose from $19200 to $21,600. Some were hoping that BTC will pull off an even better price movement to $25,000. These expectations were tempered by uncertainty in the cryptocurrency market. Bitcoin (BTC), despite looking incredible, is not looking good. The current market looks choked by Binance and FTX issues, which creates fear and uncertainty among investors and traders. Data from Binance
Bitcoin (BTC), Price Analysis on The Weekly Chart
Many altcoins saw a rise of over 2000% in the last week, after breaking free of the range bound movement. This is a sign that there’s more hope for the cryptocurrency 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 minor price retracement back to a region of $1,300 and $18,000 respectively.
The price of Bitcoin has not fallen from its all-time high, which has served as support for the market and a demand area for many months, keeping it safe from any sell-offs. BTC’s price at $18,000 would be a negative for the market, as it could weaken the region that bears can use to drive the price down.
To look safe, the price of Bitcoin must rally from this area and not fall below its weekly lows. This would impact market sentiment.
Weekly resistance for the price of BTC – $19,500.
Weekly support for the price of BTC – $18,000 – $16,000.
BTC Price Analysis On A Daily (1D), Chart
BTC prices remain weak as they trade below $18,500 per day. That keeps them from declining further after having retested this area on other occasions. However, it has started a rally towards $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.
BTC’s price must rise to $19,500 to be safe, which will lead to relief rallies.
Daily resistance for the BTC price – $18,500-$19,500.
Daily support for the BTC price – $17,000-$16,500.
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