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Bitcoin Bulls Rejected As $16,700 Proves Too Strong; this is what you can expect

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  • BTC price was rejected by a break above USD 16,700 as this area is very strong for the bulls.
  • BTC price remains bearish in higher time frames as most traders and investors remain cautious.
  • BTC price bounced off a low of $15,500 on the daily time frame to reclaim $16,500 as the price struggled to move above the 50 exponential moving average (EMA).

The price action that Bitcoin (BTC) has shown over the past few days has been better than that of the past week as there was some price decline that affected most of the crypto assets in the market. Despite Bitcoin (BTC) bouncing back with relief, the price is still trading below a major area of ​​interest that will capture the attention of many buyers. The domino effect of the FTX saga and other major investors has brought the market to a halt as the market has yet to make a major move that could move the market. (Data from Binance)

Bitcoin (BTC) price analysis on the weekly chart

Despite the uncertainty and turbulence affecting the price of Bitcoin (BTC) and the crypto market in general, many altcoins struggle to survive as altcoin prices continue to fall.

Bitcoin (BTC) suffered more price losses as the price fell from a high of $69,500 to a weekly low of $15,500, fueling speculation of a further drop to $12,000.

The FTX outage caused the BTC price to fall from the $20,500 weekly area to the $15,500 area as the selloff found a small support in the price to prevent it from falling further weekly.

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BTC price jumped from USD 15,500 to a high of USD 16,700 where the price declined. BTC price must stay above $16,000 to keep hopes alive for a relief.

Weekly resistance for the price of BTC – $18,500.

Weekly support for the price of BTC – $15,500.

BTC price analysis on the daily (1D) chart

Daily BTC Price Chart | Source: BTCUSDT on Tradingview.com

BTC price remains very strong in the daily time frame as it trades above USD 16,000 after a recent drop from USD 20,500 to USD 15,500 as the market remains uncertain.

BTC price continues to struggle as it targets a higher relief jump from this area. A short term relief is needed for BTC price to recover and trade above USD 18,500. If BTC price fails to bounce back from the $17,500 area, we could see more rejection in BTC price towards the $15,500 area and even lower.

Daily resistance for BTC price – $17,500.

Daily support for BTC price – $15,500.

Featured image of Zipmex, chart from Tradingview

source: newsbtc.com

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