Bitcoin Plunges To $15,700 As Binance Rejects FTX Takeover – Levels To Watch
In the last two days, the crypto market has been erratic, with the price of many altcoins, including Bitcoin (BTC), battling for survival after the news came out 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 $21,800. 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. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
The previous week saw many altcoins produced over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.
The new week has yet to look like the previous as the week has looked choked with FUD (Fear of uncertainty and doubt), leading to many altcoins being affected negatively in price as major coins have been struggling to stay afloat from what looks like a crypto purge.
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The price of BTC has continued to look bearish after breaking below its all-time high support, which has served as support as a good demand zone for major plays holding off sell-offs. According to speculations, there are more chances of the price revisiting $14,000.
Weekly resistance for the price of BTC – $17,500.
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Price Analysis Of BTC On The Daily (1D) Chart
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.comThe price of BTC remains considerably weak in the daily timeframe as the price trades above $15,500 support after bouncing off that region to a high of $16,600, holding off the price from trending lower.
If the price of BTC breaks below the temporary support formed at $15,500, we could see the price of BTC trading to a region of $14,000.
Daily resistance for the BTC price – $17,000.
Daily support for the BTC price – $14,000.
Featured Image From zipmex, Charts From Tradingview