- BTC price is losing its $18,200 support as the price trades in the $15,700 area as Binance rejects the FTX acquisition.
- Given the current market conditions, BTC price remains bearish, as things look uncertain for most traders and investors.
- BTC price remains weak in all time frames as price crosses 50 and 200. slightly below exponential moving average (EMA).
Over the past two days, the crypto market has been uncertain, with the price of several altcoins, including Bitcoin (BTC), battling for survival after news emerged that Binance would not take over FTX after due diligence. Bitcoin (BTC) price had a decent performance over the past weeks, reversing from lows of $19,200 to highs of $21,800. Most of the altcoins are trending as multiple produced gains of over 200%, with DOGE rebounding from the $0.55 area to the $0.15 high, with many anticipating a more recovery rally. Nevertheless, these expectations were dampened by the uncertainty surrounding the crypto market. (data from Binance)
Bitcoin (BTC) Price Analysis on Weekly Chart
Several altcoins posted gains of over 200% over the past week after exiting their range-bound movement in the past 7 days, as many believe more hope is returning to the crypto space.
The new week is not yet looking like the last one as the week is filled with FUD (fear of uncertainty and doubt), which has negatively impacted the price of many altcoins as the major coins struggle to stay away from what the crypto-like looks like. are doing. purify
The news that Binance rescued the situation by acquiring FTX was good. Nevertheless, after doing its due diligence, Binance decided not to take on FTX as it negatively affected the market, causing the price of BTC on a spiraling movement to return to its all-time support of 2017 at $15,700. Sending after losing at $18,500.
BTC price is looking bearish after falling below its all-time high support, which has acted as a good demand zone for major plays preventing selloff. According to speculation, the price is more likely to revisit $14,000.
Weekly resistance for BTC price – $17,500.
Weekly support for BTC price – $15,500.
BTC Price Analysis on Daily (1D) Chart
BTC price remained fairly weak on the daily time frame as the price traded higher above the $15,500 support area after bouncing off the $16,600 high, thereby turning the price lower.
If BTC price breaks below the temporary support of $15,500, we could see BTC trading in the $14,000 area.
Daily resistance for BTC price – $17,000.
Daily Support for BTC Price – $14,000.
Featured Image From zipmex, Charts From Tradingview