The price of bitcoin is down more than 15% and even traded below $16,000. If BTC breaks the $15,000 support area, there is still a risk of more losses.
- Bitcoin remained in a bearish zone after the FTX collapse and fell below $16,000.
- The price is trading below $17,500 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $16,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If it stays below the $16,500 and $17,000 levels, the pair may continue to move down.
bitcoin price drop
Bitcoin price remained in a bearish zone after settling below the $20,000 support area. Binance opted to bail out FTX, resulting in increased selling pressure. BTC declined below the $18,500 and $17,000 levels.
The crypto market is bleeding and many altcoins like Ethereum, BNB, Ripple are down more than 15%. Bitcoin price also gained bearish momentum and traded below the $16,000 support level. The price traded as low as $15,555 and it is currently consolidating losses.
It is trading below $17,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $16,500 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $16,400 level. The first major resistance is near the $16,650 level. It is near the 23.6% Fibonacci retracement level of the recent decline from the $20,671 high to $15,555 low.
Source: BTCUSD on TradingView.com
A clear move above the trend line resistance and $16,675 could start a decent recovery wave. The next major resistance is near the $18,000 level or the 50% Fib retracement level of the recent decline from the $20,671 high to $15,555 low, above which the price could test the $20,000 area.
More losses in BTC?
If bitcoin fails to start a recovery wave above the $16,500 resistance area, it could continue to move lower. On the downside, immediate support is near the $15,800 level.
The next major support is near the $15,500 area. A clear move below the $15,500 support could push the price further lower. In this case, the price could decline below the $15,000 support area.
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 30 level.
Key Support Level – $15,800, followed by $15,500.
Major resistance levels – $16,500, $16,675 and $18,000.