Bitcoin Shows Strength As Price Holds Above $16,500; Is This A Bear Trap?
15 November 2022 - 8:15PM
NEWSBTC
BTC’s price loses its previous all-time high of $18,000 as
Binance rejects the FTX takeover, with the price responding with a
decline to a region of $15,500. BTC’s price continues
to look bearish with the market’s current state, as things look
uncertain for most traders and investors. BTC’s price bounces
from a low of $15,500 on the daily timeframes as the price aims for
a recovery toward the 50 Exponential Moving Average (EMA) In the
last few days, the crypto market has been erratic, with the price
of many altcoins, including Bitcoin (BTC), battling for survival
after the news that Binance would not be taking over FTX after
conducting due diligence. Previous weeks saw the price of Bitcoin
(BTC) perform well, rallying from a low of $19,200 to a high of
$21,600. Most altcoins trend higher as many produced gains of over
200%, including DOGE rallying from a region of $0.55 to a high of
$0.15, with many hoping for more recovery bounce. Still, these
expectations were cut short by the uncertainty surrounding the
crypto market, leading to much fear about where the market is
headed. (Data from Binance) Related Reading: Ethereum Price Near
Make-or-Break Levels, Can ETH Start Steady Recovery Bitcoin (BTC)
Price Analysis On The Weekly Chart The past few days have been
filled with so much turbulence in the crypto space as many altcoins
have struggled to show strength after losing their key support
holding off price decline. The current uncertainty surrounding the
market has resulted in reluctance on the part of traders and
investors to make altcoin purchases, as there is no assurance if
they would be heading up any time soon. The news of Binance
rescuing the situation by taking over FTX was good. Still, after
conducting their due diligence, Binance decided it would not take
over FTX as this has affected the market negatively, sending the
price of BTC on a spiral movement to $15,500. The price of BTC
bounced off this region showing some great strength to a region of
$17,300 as the price aims to break higher. The price of BTC needs
to rally to a region of $18,500, acting as a demand zone to remain
safe from sell-off. Weekly resistance for the price of BTC –
$18,500. Weekly support for the price of BTC – $15,500. Price
Analysis Of BTC On The Daily (1D) Chart The price of BTC remains
considerably strong in the daily timeframe as the price trades
above $16,500 support after bouncing off from the region of
$15,500, which saw BTC losing its demand zone to the bears.
If the price of BTC breaks above $18,500, we could see more rallies
for BTC price; a break below a region of $16,000 would be a bear
trap as the price could go lower. Daily
resistance for the BTC price – $17,500. Daily support for the BTC
price – $16,500-$15,500. Related Reading: XRP Price Rallies 15%,
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