The dominoes keep falling - since the bankruptcy of FTX, many players have dived. Recently, Bittrex filed for bankruptcy, and it was Hotbit's turn to go bankrupt
The dominoes keep falling - since the bankruptcy of FTX, many players have dived. Recently, Bittrex filed for bankruptcy, and it was Hotbit's turn to go bankrupt. With the continuous decline of the exchange, the price of Bitcoin has fallen by over 15% in recent weeks. At present, the price hovers around $27000, and buyers and sellers have been offsetting each other in recent days. Can buyers quickly return and bring BTC back to life?
This Bitcoin price analysis is provided in cooperation with CryptoTrader, and its algorithmic trading solution can finally be used by individuals.
Bitcoin prices stagnate within 24 hours
The buyer and seller have offset each other for a few days. As we can see, the price of Bitcoin has stagnated within 24 hours:
Bitcoin's performance against different currency pairs - Source: Coincheckup
The volatility of encryption is currently very low, and BTC has been stagnant for a week. It shows a slight drop of nearly 2% within a month. ETH/BTC has also been stable for several months. The price of Ethereum should react quickly around $1800.
Bitcoin prices close below $27000 per week
Bitcoin closed below $27000 for the third consecutive time. At present, buyers do not seem interested:
Bitcoin to USD price (1W)
The price of BTC is moving above the bullish level of institutional bias (EMA9/EMA18), and buyers have the opportunity to react here. If they react, the price will have to hit the resistance zone of $29000 to $31000 per week again. If the buyer does not respond, the price may drop to the weekly support level of $24500. This area should be guarded by the buyer.
RSI shows no signs of deviation, but it should continue to show bottoms and rising tops. Therefore, buyers can maintain control over the momentum.
Bitcoin prices have been fluctuating in a narrow range for 11 consecutive days
For 11 days, the price of Bitcoin has been locked between the lower limit of $26650 and the upper limit of $27500:
Range traders should be happy now, but trend traders have not eaten anything for a while. Breaking through the resistance level of $27500 will lead the price to seek the next resistance level of $28250. On the other hand, breaking through support levels may push prices up to $25000. RSI has been building a perfect range for several consecutive days, with prices being hindered at the upper limit and rebounding at the support level.
Bitcoin prices once again close below $27000 per week. For over a week, prices have been hesitating, waiting for a clear decision from the operator. In a short period of time, the price remained between $27500 and $26650. We will have to wait for a breakthrough in one of these two levels to discover the volatility of Bitcoin.
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