Bitcoin Crashes as Binance Chooses to Not Bail Out FTX: Daily Outlook

Bitcoin’s price has dropped by more than 15% and is now trading below $16,000. BTC is still at risk of further losses if it falls through the $15,000 support level. Bitcoin’s price stayed gloomy after falling below the $20,000 support level. Binance chose not to bail on FTX, which increased selling pressure. BTC fell below the $18,500 and $17,000 support levels.

Many altcoins, including ETHEREUM, BITCOIN, and Ripple, are down more than 15%. Bitcoin price has also lost ground, trading below the $16,000 support level. The price has dropped as low as $15,555 and is now consolidating losses.

It is currently trading below the $17,500 mark and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a big bearish trend line is forming with resistance near $16,500.

On the upswing, an initial resistance level is approaching $16,400. The first significant resistance is located near $16,650. It is around the 23.6% Fib retracement level of the latest slide from the swing high of $20,671 to the low of $15,555.

A clear break above the trend line resistance and $16,675 could signal the commencement of a solid recovery wave. The next key resistance level is near $18,000, or the 50% Fib retracement level of the recent slide from the $20,671 swing high to the $15,555 low, over which the price may test the $20,000 zone.

Bitcoin (BTC/USD) Technical Outlook

If Bitcoin fails to initiate a recovery wave over the $16,500 resistance level, it may continue to fall. On the downside, there is immediate support near $15,800.

The next big support level is at $15,500. A decisive break below the $15,500 support level might lower the price. The price may go below the $15,000 support level in this event.

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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