Bitcoin Price Plunges 15%, Can Buyers Save The Key $15K Support?

Bitcoin value declined over 15% and even traded under $16,000. BTC stays at a danger of extra losses if it breaks the $15,000 assist zone.

• Bitcoin remained in a bearish zone after the FTX collapse and declined under $16,000.
• The value is buying and selling under $17,500 and the 100 hourly easy transferring common.
• There’s a main bearish pattern line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may proceed to maneuver down if it stays under the $16,500 and $17,000 ranges.

Bitcoin Value Tumbles

Bitcoin value remained in a bearish zone after it settled under the $20,000 assist zone. Binance opted out to bail FTX, leading to a rise in promoting stress. BTC declined under the $18,500 and $17,000 ranges.

The crypto market is bleeding and lots of altcoins akin to ethereum, bnb, ripple are down over 15%. Bitcoin value additionally gained bearish momentum and traded under the $16,000 assist stage. The value traded as little as $15,555 and is at present consolidating losses.

It’s buying and selling under $17,500 and the 100 hourly easy transferring common. There’s additionally a significant bearish pattern line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair.

On the upside, a direct resistance is close to the $16,400 stage. The primary main resistance is close to the $16,650 stage. It’s close to the 23.6% Fib retracement stage of the current decline from the $20,671 swing excessive to $15,555 low.

Supply: BTCUSD on TradingView.com

A transparent transfer above the pattern line resistance and $16,675 would possibly begin an honest restoration wave. The following main resistance is close to $18,000 or the 50% Fib retracement stage of the current decline from the $20,671 swing excessive to $15,555 low, above which the worth may check the $20,000 zone.

Extra Losses in BTC?

If bitcoin fails to start out a restoration wave above the $16,500 resistance zone, it may proceed to maneuver down. An instantaneous assist on the draw back is close to the $15,800 stage.

The following main assist is close to the $15,500 zone. A transparent transfer under the $15,500 assist would possibly push the worth additional decrease. On this case, the worth might maybe decline under the $15,000 assist zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 30 stage.

Main Assist Ranges – $15,800, adopted by $15,500.

Main Resistance Ranges – $16,500, $16,675 and $18,000.