Bitcoin (BTC) price falls further as FTX’s solvency issues loom after CoinEdition

• Recent price surveys suggest another dismal run.
• This week’s tectonic disturbance is caused by FTX withdrawals.
• Bitcoin faces resistance at $17,480.18 and support at $16,543.48.

Bulls are tired after a price rally in the last 24 hours, as Bitcoin has lost 3.46% of its value after hitting resistance at $17,480.18 and is now trading at $16,756.87.

The FTT crisis, which has led to withdrawals from FTX, and a 3.47% loss in market capitalization to $321,433,254,143, as well as a 33.64% drop in 1-day trading volume to $50,195,272,490, are among the reasons that may have contributed to this decline .

24-hour price chart (Source: CoinMarketCap)

On the BTC price chart, shrinking Bollinger Bands indicate an extension of the bearish trend, with the upper band touching $18306.09 and the lower band touching $15954.06. The spot price path towards the lower band indicates that the bear grip will prevail.

With the 4-hour price chart’s Relative Strength Index (RSI) pointing south with a rating of 36.86 and Bitcoin price approaching oversold levels, the bearish grip is projected to contract further.

In recent hours, the Stoch RSI has moved into overbought territory, with a reading of 89.77, indicating that the current trend is coming to an end, but this does not necessarily guarantee that prices will rise again, but serves as a warning to traders.

BTC/USD 4-hour price chart (Source: CoinMarketPrice)

The value of Know Sure Thing (KST) is -134.1813, but it is climbing. The fact that the KST line is in negative territory and rising indicates that the bearish momentum is slowing.

As the long-term moving average rises above the short-term moving average, a bearish crossover occurs. On BTC charts, this is visible when the 20-day moving average crosses the 5-day moving average, which has readings of 17058.24 and 16895.87 respectively.

BTC/USD 4-hour price chart (Source: CoinMarketCap)

The bears have seized dominance of the market and successfully dragged prices down over the past 24 hours.

Disclaimer: The views and opinions, as well as all information shared in this price forecast, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

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