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Bitcoin Price Plunges 15%, Can Buyers Save Key’s $15,000 Support?

Bitcoin price fell more than 15% below $16,000. BTC risks further losses if it breaks through the $15,000 support zone.

  • After the FTX collapse, Bitcoin remains in a bearish zone, breaking below $16,000.
  • The price is trading below $17,500 and the 100 hour simple moving average.
  • The BTC/USD pair’s hourly chart (data feed from Kraken) has formed a major bearish trend line with resistance near $16,500.
  • The pair can continue to fall below the $16,500 and $17,000 levels.

Bitcoin price plummets

Bitcoin price remains in a bearish zone after falling below the $20,000 support zone, adding to selling pressure as Binance opts out of FTX bail. BTC He’s $18,500 And He’s Below The $17,000 Levels.

The crypto market is bleeding, with many altcoins such as Ethereum, bnb and Ripple dropping over 15%. Bitcoin price also gained bearish momentum and traded below the $16,000 support level, where he is trading at $15,555 and is now consolidating losses.

It is trading below $17,500 and the 100 hour simple moving average. There is also a large bearish trend line forming with resistance near $16,500 on the hourly chart of the BTC/USD pair.

On the upside, the immediate resistance is near $16,400. The first big resistance is near $16,650. This is close to the 23.6% Fib retracement level of the recent drop from highs of $20,671 to lows of $15,555.

Source: BTCUSD on TradingView.com

A clear break above the trendline resistance and $16,675 may start a decent wave of recovery. The next major resistance is near $18,000 or the 50% Fib retracement level of the recent drop from the high of $20,671 to the low of $15,555.

Further loss of BTC?

Bitcoin may continue to fall if it fails to break out of the $16,500 resistance zone and start a wave of recovery. The immediate support for the downside is near $15,800.

The next major support is near $15,500. A clear break below the $15,500 support could see the price drop further. In this case, the price could probably break below the $15,000 support zone.

Technical indicators:

Hourly MACD – The MACD is currently pacing in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 30 level.

Major Support Level – $15,800, followed by $15,500.

Main resistance levels – $16,500, $16,675, $18,000.

Bitcoin Price Plunges 15%, Can Buyers Save Key’s $15,000 Support?

Source link Bitcoin Price Plunges 15%, Can Buyers Save Key’s $15,000 Support?

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