In the last two days, the crypto market has been erratic, with the price of many altcoins, including Bitcoin (BTC), battling for survival after the news came out that Binance would not be taking over FTX after conducting due diligence. Previous weeks saw the price of Bitcoin (BTC) perform well, rallying from a low of $19,200 to a high of $21,800. Most altcoins trend higher as many produced gains of over 200%, including DOGE rallying from a region of $0.55 to a high of $0.15, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market.
The previous week saw many altcoins produced over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space. The new week has yet to look like the previous as the week has looked choked with FUD (Fear of uncertainty and doubt), leading to many altcoins being affected negatively in price as major coins have been struggling to stay afloat from what looks like a crypto purge.
The news of Binance rescuing the situation by taking over FTX was good. Still, after conducting their due diligence, Binance decided it would not take over FTX as this has affected the market negatively, sending the price of BTC on a spiral movement to $15,700 after losing its all-time support of 2017 at $18,500.
The Bitcoin price has continued to look bearish after breaking below its all-time high support, which has served as support in a good demand zone for major plays holding off sell-offs. According to speculations, there are more chances of the price revisiting $14,000.
The Bitcoin price remains considerably weak in the daily timeframe as the price trades above $15,500 support after bouncing off that region to a high of $16,600, holding off the price from trending lower. If the price of BTC breaks below the temporary support formed at $15,500, we could see the Bitcoin price trading to a region of $14,000.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be risky, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.