The price action displayed by Bitcoin (BTC) has continued to look disheartening, with the FTX effect affecting small crypto projects like Genesis as the market continues to look weak on each passing day signifying the bottom is not yet in leading to the price of many altcoins, including Bitcoin (BTC), battling for survival. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market has yet to make a major move after previous weeks saw the price of Bitcoin (BTC) perform well. Most altcoins have lost their key support and have traded with over 90% loss, with many hoping for a crypto revival. (Data from Binance)
The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.
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.
FTX and now Genesis news has had a huge impact on the price of BTC, sending the price into a spiral movement to a region of $15,500 as the price bounced off this region with what looked like a temporary demand zone to hold off a big sell-off.
After the price of BTC closed below the weekly high of $17,000, there are high chances of the market going lower, with the prices of BTC looking more bearish with the weekly open.
Weekly resistance for the price of BTC – $17,500.
Weekly support for the price of BTC – $15,500.
The price of BTC remains considerably weak in the daily timeframe as the price trades below the $16,500 resistance after bouncing off from the region of $15,500.
With rumor building of a likely bankruptcy of Genesis, this could affect the price of BTC and other smaller assets, with the price facing a possibility of losing the region of $15,500.
If the price of BTC breaks above $15,500, we could see more sell-off as this has been a temporary region to hold bears.
Daily resistance for the BTC price – $17,500.
Daily support for the BTC price – $15,500.
Featured Image From zipmex, Charts From Tradingview
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