Bitcoin Bulls Are Rejected as $16,700 Proves Too Strong; Here’s what you can expect

• BTC’s price is rejected from breaking above $16,700 as this region is too strong for bulls.
• BTC’s price remains bearish in the high timeframe as most traders and investors remain cautious.
• BTC’s price bounces off a low of $15,500 on the daily time frame as the price regains $16,500 as the price struggles to break higher above the 50 exponential moving average (EMA)

The price action demonstrated by Bitcoin (BTC) in recent times has been better than last week as the market suffered some price decline affecting most crypto assets. Despite the relief from Bitcoin (BTC), the price is still trading below the key region of interest that will attract the attention of many buyers. The domino effect of the FTX saga and other big investors has left the market at a stand still as the market has yet to make a big move leading to a lot of fear as to where the market may be headed. (Data from Binance)

Bitcoin (BTC) price analysis on the weekly chart

Despite the uncertainty and turbulence that has affected the price of Bitcoin (BTC) and the crypto market at large, many altcoins are struggling to survive, trying to stay afloat while altcoin prices continue a downward price movement.

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

BTC’s price fell from a weekly region of $20,500 to a region of $15,500 due to the FTX fiasco, as the price found less support to sustain the sell-off to a further weekly low.

The price of BTC bounced off from $15,500, rising to a high of $16,700, where the price rejected to break higher. The price of BTC needs to stay above $16,000 to keep alive the hope of a relief bounce.

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 timeframe as the price trades above $16,000 after BTC saw its price drop from $20,500 to $15,500 as the market continues in its state of uncertainty.

BTC’s price continues to struggle as price targets more relief bounce from this region. The price of BTC needs to recover and trade above $18,500 for a short-term relief. If the price of BTC fails to turn around the $17,500 area, we may see more rejection in the BTC price to a region of $15,500 and even lower.

Daily resistance for BTC price – $17,500.

Daily support for BTC price – $15,500.

Featured Image From zipmex, Charts From Tradingview