Bitcoin Bulls Get Rejected As $16,700 Proves Too Strong; Here Is What To 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 from a low of $15,500 on the daily timeframe as the price reclaims $16,500 as 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 the previous week as the market suffered from some price decline affecting most crypto assets. Despite the relief bounce from Bitcoin (BTC), the price still trades below the key region of interest that would attract the attention of many buyers. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market is yet to make a major move leading to much fear about where the market could 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 for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

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

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

The price of BTC bounced off from $15,500, rallying to a high of $16,700, where the price faced rejection breaking higher. The price of BTC needs to hold 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 considerably strong in the daily timeframe as the price trades above $16,000 after BTC saw its price decline from $20,500 to $15,500 as the market continues in its state of uncertainty. 

BTC’s price continues to struggle as price aims for more relief bounce from this region. The price of BTC needs to reclaim and trade above $18,500 for a short-term relief bounce. If the price of BTC fails to flip the region of $17,500, we could see more rejection in BTC price…