- Bitcoin endured a downward spiral as prices struggled to overcome the $17K hurdle.
- The price exhibits a bearish stance with the current market state, and things seem uncertain for investors/traders.
- Bitcoin appears feeble as it battles to stay beyond $16K, and chances of reclaiming the 50-day EMA remain bleak.
Bitcoin continues to flash a distressing price action as the FTX impact affects small cryptocurrency projects such as Genesis. Moreover, the market displays heightened weakness, suggesting that most crypto assets, including Bitcoin, are yet to bottom.
The Domino impact of FTX’s debacle and other leading investors has had the marketplace at a stall. And the market is yet to launch a massive move following last week’s somewhat impressive performance.
Most alternative tokens have surrendered their primary supports, losing nearly 90% of their value. Meanwhile, market players have nothing but hope for the crypto market’s revival.
BTC Weekly Chart Analysis
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The cryptocurrency world has witnessed massive turbulence within the past few days. That comes as most assets struggle to revival following a colossal bearish wave that led to support losses. The prevailing market uncertainty has catalyzed investor reluctance to purchase digital assets. That remains logical as nothing assures price upticks soon.
FTX’s crisis and the current Genesis news meant a massive effect on BTC’s price, welcoming a downside spree toward $15.5K. Meanwhile, the price rebounded from this level in what seemed like a momentarily demand territory to contain the massive sell-off.
Meanwhile, Bitcoin remained susceptible to further dips following a closing beneath the $17K weekly high, with BTC’s price appearing more bearish in its weekly open. The asset has a weekly resistance at $17.5K.
BTC Daily Chart Analysis
Bitcoin remains notably weak in its daily timeframe, with the price hovering beneath the resistance of $16.5K following a rebound from the $15.5K region. The emerging rumors about Genesis’ likely bankruptcy filing might impact Bitcoin and other assets.
That translates to chances of losing the crucial footing at $15.5K. Violating this level might welcome more plunges as the level remained as a temporary footing to contain the bears.
- Daily resistance – $17.5K.
- Daily Support – $15.5K.