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Bitcoin price analysis: Is the market crash over yet?

تحلیل قیمت بیت کوین: ریزش بازار هنوز تمام نشده است؟

Bitcoin price is slowly moving towards $15,500. The market is now in danger of falling to lower levels unless buyers can push above the $17,000 resistance.

To Report News BTC, Bitcoin was trying to maintain its position above $16,650 for the past few days, and on the other hand, it failed to cross $17,000.

The peak of recent days was formed near $16,795, and as can be seen from the chart below, after hitting this level, the price has started a multi-level downward movement. First, the $16,500 support and the 100-hour simple moving average were broken, and then Bitcoin fell below $16,150 and $16,000.

The recent price floor was formed at $15,879, and Bitcoin, which has partially recovered its recent hourly decline, now faces the $16,300 resistance. The first key resistance in front of the price is $16,400, and the downtrend line on the chart has also formed resistance in this area. The next key resistance is near $16,500.

Bitcoin price analysis: Is the market crash over yet?
Hourly chart of Bitcoin price (click on the image to view the original size).

Bitcoin must continue the downtrend line on the chart and pass the 100-hour simple moving average in order to say that the market is bullish. In this case, $17,000 and $18,000 will be the main obstacles for buyers.

Conversely, if Bitcoin fails to break through $16,400, the downtrend will continue. In this situation, the closest support in front of the price is $16,000, after which it is time to test the $15,500 support. It should be said that the breaking of this support can lead to a deeper fall of Bitcoin.

The MACD is accelerating in the bearish range and the Relative Strength Index (RSI) is in the oversold zone.

As mentioned, $16,000 and $15,500 are key supports for Bitcoin, and $16,350, $16,400, and $16,500 act as resistances.

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