BTC price lost its all-time high of $18,000 as FTX fiascoes continued to affect its price
The price continues to look bearish with the current state of the market as things look uncertain for most traders and investors.
BTC price bounces from a low of $15,500 on the daily time frame as the price recovers the 50 EMA
The past few days for Bitcoin (BTC) have been rosy, with the price rising from a low of $15,500 to a high of $16,500, with altcoins enjoying a relief bounce in the crypto market. Despite the Bitcoin (BTC) price relief, the price is still trading below its previous all-time high of $18,000, which is a bit of a problem considering this region now serves as resistance for a major rally. The ripple effect of the FTX saga and other big investors has left the market paralyzed as the market has yet to make a major move, leading to a lot of fear as to where the market could go next. (Data from Binance)
Bitcoin (BTC) Price Analysis on the Weekly Chart
The last few days have been filled with so much turbulence in the crypto space that many altcoins have struggled to show strength after losing their key support to avoid the price crash.
BTC price suffered a price drop to a $15,500 region, and many expected the price to drop further to a $14,000 to $12,000 region when the price bounced off this region after forming a bullish pin bar when buyers pushed the higher price to the region of $16,500.
BTC price needs to break above $18,500 for further signs of relief as this region has become key for better price action up to a high of $19,500.
Weekly resistance for BTC price – $18,500.
Weekly support for the price of BTC – $15,500.
BTC price analysis on the daily chart (1D)
BTC Price Daily Chart | Source: BTCUSDT on Tradingview.com
BTC price remains considerably strong on the daily time frame, as the price is trading above $16,500 after falling to the $15,500 region due to the FTX fiasco.
If the BTC price breaks above $17,500, we could see more rallies for the BTC price; a break below a $16,000 region would be a bear trap as the price could turn lower.
BTC price is trading below the 50 and 200 EMA acting as resistance for BTC price to trend higher. The price of $18,500 and $23,500 corresponds to the price of the 50 and 200 EMA that needs to rally for the bulls to be safe from further downtrend from the bears.
Daily resistance for BTC price: $17,500.
Daily support for BTC price: $16,500-$15,500.
BusinessDay Featured Image, Tradingview Charts
This post Bitcoin Trading Above $16,500: Could It Be A Bear Trap?
was published first on https://newsbtc.com/analysis/bitcoin-shows-bullish-above-16500-could-this-be-a-bear-trap/
