Bitcoin (BTC) Reclaims $16,500 But Not In Safe Zone; Here Is Why

• BTC’s price shows strength as price bounces off from a weekly low of $15,500 to trend higher, giving bulls some relief. 
• BTC’s price continues to look strong as bearish sentiment for the market lingers, with things looking uncertain for most traders and investors. 
• BTC’s price bounces from a low of $15,500 on the daily timeframe as the price moves in a range below the 50 Exponential Moving Average (EMA)

With many looking for a major dump in Bitcoin (BTC) price, the price of Bitcoin (BTC) bounced from $15,500 as price rallied to a high of $16,500, leaving bears on the sidelines. The price action displayed by Bitcoin (BTC) in recent times has yet to be encouraging after its erratic price movement, leading to the price of many altcoins, including Bitcoin (BTC), battling 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 major move after previous weeks saw the price of Bitcoin (BTC) perform well, rallying from a low of $19,200 to a high of $21,600 (Data from Binance)

The past few days haven’t been the best of times for most crypto traders and investors, with many becoming worried as to where the market could be headed after so much turbulence in the crypto space as many altcoins have struggled to show strength, losing their key support in a bid to survive. 

The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.

The price of BTC saw its price traded 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 some 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.

The price of BTC remains considerably strong in the daily timeframe as the price trades above $16,500 support after bouncing off from the region of $15,500, leading to the price forming a bullish divergence for price.

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

Daily resistance for the BTC price – $18,500.

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