Bitcoin Struggles As More Bearish Signs Appear; Can the Bulls defend $15,500?
- BTC’s price lost its all-time high as the price struggled to break above $17,000.
- BTC’s price continues to look bearish with the current state of the market as things look uncertain for most traders and investors.
- BTC’s price looks weak as it struggles to hold above $16,000, with the possibility of retrieving the daily 50 exponential moving average (EMA) remaining bleak.
The price action shown by Bitcoin (BTC) has continued to look discouraging, with the FTX effect affecting small crypto projects like Genesis, as the market continues to look weak with each passing day, meaning that the bottom is yet to lead to the price of many altcoins. , including Bitcoin (BTC), which is struggling to survive. The domino effect of the FTX saga and other major investors have left the market at a standstill as the market has yet to make a big move after previous weeks saw the price of Bitcoin (BTC) perform well. Most altcoins have lost key support and have been trading at over 90% losses, with many hoping for a crypto revival. (Data from Binance)
Bitcoin (BTC) price analysis on the weekly chart
The past few days have been filled with so much turbulence in the crypto space that many altcoins have struggled to show strength after losing key support and holding back price declines.
The current uncertainty surrounding the market has resulted in the reluctance of traders and investors to make altcoin purchases, as there is no certainty that they will be on the rise anytime soon.
The FTX and now Genesis news has had a huge impact on the price of BTC, sending the price into a spiral move to the $15,500 region as the price bounced off this region with what looked like a temporary demand zone to hold back a big sale. of.
After the price of BTC closed below the weekly high of $17,000, there are high chances of the market going lower and the prices of BTC look more bearish with the weekly open.
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 significantly weak in the daily timeframe as the price is trading below the $16,500 resistance after bouncing off the $15,500 area.
With rumors building about a likely bankruptcy of Genesis, this could affect the price of BTC and other smaller assets, with the price facing a possibility of losing around $15,500.
If the price of BTC breaks above $15,500, we may see more selling as this has been a temporary bear holding region.
Daily resistance for BTC price – $17,500.
Daily support for BTC price – $15,500.
Featured Image From zipmex, Charts From Tradingview
