Bitcoin (BTC) Reclaims $16,500 However Not In Protected Zone; Right here Is Why

• BTC’s worth reveals power as worth bounces off from a weekly low of $15,500 to pattern increased, giving bulls some aid. 
• BTC’s worth continues to look robust as bearish sentiment for the market lingers, with issues wanting unsure for many merchants and buyers. 
• BTC’s worth bounces from a low of $15,500 on the day by day timeframe as the value strikes in a variety beneath the 50 Exponential Moving Average (EMA)

With many searching for a significant dump in Bitcoin (BTC) worth, the value of Bitcoin (BTC) bounced from $15,500 as worth rallied to a excessive of $16,500, leaving bears on the sidelines. The value motion displayed by Bitcoin (BTC) in latest occasions has but to be encouraging after its erratic worth motion, resulting in the value of many altcoins, together with Bitcoin (BTC), battling for survival. The Domino impact of the FTX saga and different enormous buyers concerned has left the market at a standstill because the market is but to make a significant transfer after earlier weeks noticed the value of Bitcoin (BTC) carry out effectively, rallying from a low of $19,200 to a excessive of $21,600 (Knowledge from Binance)

Bitcoin (BTC) Worth Evaluation On The Weekly Chart

The previous few days haven’t been the perfect of occasions for many crypto merchants and buyers, with many changing into anxious as to the place the market may very well be headed after a lot turbulence within the crypto area as many altcoins have struggled to indicate power, shedding their key assist in a bid to outlive. 

The present uncertainty surrounding the market has resulted in reluctance on the a part of merchants and buyers to make altcoin purchases, as there isn’t a assurance if they’d be heading up any time quickly.

The value of BTC noticed its worth traded in a area of $15,500 on the weekly chart, however the worth bounced from this area to a rally excessive of $16,500, displaying some nice power. The value of BTC wants to interrupt above $18,500 for extra indicators of aid. If BTC costs fail, this may very well be a bear entice and result in extra downward worth motion.

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

Weekly assist for the value of BTC – $15,500.

Worth Evaluation Of BTC On The Day by day (1D) Chart

The value of BTC stays significantly robust within the day by day timeframe as the value trades above $16,500 assist after bouncing off from the area of $15,500, resulting in the value forming a bullish divergence for worth.

If the value of BTC breaks above $18,500, we may see extra rallies for BTC worth to a area of $19,500-$20,000; a break beneath a area of $15,500 could be a bear entice as the value may go decrease. 

Day by day resistance for the BTC worth – $18,500.

Day by day assist for the BTC worth – $16,500-$15,500.

Featured Picture From zipmex, Charts From Tradingview