Bitcoin (BTC) retakes $16,500 but not in safe zone; Here’s why

• BTC’s price is showing strength as the price bounces off a weekly low of $15,500 to trend higher, giving bulls some relief.
• BTC’s price continues to look strong as bearish market sentiment lingers, with things looking uncertain for most traders and investors.
• BTC’s price bounces off a low of $15,500 on the daily time frame as the price moves in an area below the 50 exponential moving average (EMA)

With many looking for a big dump in the Bitcoin (BTC) price, the price of Bitcoin (BTC) jumped from $15,500 as the price rose to a high of $16,500, sidelining bears. The price action shown by Bitcoin (BTC) in recent times has yet to be encouraging after its erratic price movement, which left the price of many altcoins including Bitcoin (BTC) struggling for survival. The domino effect of the FTX saga and other huge investors involved has left the market at a standstill as the market is yet to make a big move after the previous weeks saw the price of Bitcoin (BTC) perform well, rising from a low of $19,200 to high of $21,600 (data from Binance)

Bitcoin (BTC) price analysis on the weekly chart

The past few days have not been the best of times for most crypto traders and investors, with many becoming concerned about where the market may be headed after so much turbulence in the crypto space that many altcoins have struggled to show strength and lost their key supports in a trying to survive.

The current uncertainty surrounding the market has resulted in the reluctance of traders and investors to make altcoin purchases as there is no certainty that they will be on the rise anytime soon.

The price of BTC saw the price trading in a region of $15,500 on the weekly chart, but the price bounced from this region to a rally high of $16,500, showing great strength. The price of BTC needs to break above $18,500 for more signs of relief. If BTC prices fail, this could be a bear trap and lead to more downward price movement.

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 significantly strong in the daily time frame as the price trades above the $16,500 support after bouncing off the $15,500 area, leading the price to form a bullish price divergence.

If the price of BTC breaks above $18,500, we may see more rallies for the BTC price to a region of $19,500-$20,000; a break below the $15,500 region would be a bear trap as the price could go lower.

Daily resistance for BTC price – $18,500.

Daily support for BTC price – $16,500-$15,500.

Featured Image From zipmex, Charts From Tradingview