The Dominos Keep Falling – Since FTX’s bankruptcy, many players have taken a dive. Recently, Bittrex filed for bankruptcy, and it’s Hotbit’s turn to shut down. As the exchanges continue to fall one after the other, the price of Bitcoin has fallen by more than 15% in recent weeks. Currently the price is hovering around $27,000, buyers and sellers have been neutralizing each other for a few days. Can Buyers Return Quickly to Bring BTC Back to Life?
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Bitcoin price stagnates in 24 hours
Buyers and Sellers have been neutralized for several days. As we can see, the price of Bitcoin stagnates in 24 hours:
There volatility is low currently on cryptocurrencies, the BTC has been standing still for a week. It shows a slight decrease of almost 2% in one month. The ETH/BTC pair stabilizes also for several months. Ethereum price should react quickly around $1,800.
Bitcoin Price Closes Below $27,000 Weekly
Bitcoin closes below $27,000 for the third time in a row. At the moment, buyers don’t seem to be interested:
The price of BTC evolves at the level of the institutional bias (EMA 9/EMA 18) bullish, buyers have an opportunity to react here. If they react, the price will have to come up against the resistance zone located between $29,000 and $31,000 weekly. If the buyers do not react, the price could fall towards the weekly support located at $24,500. This area should be defended by buyers.
The RSI does not show no sign of divergence, but it should continue to show bottoms and rising tops. Thus, buyers could keep hold of the momentum.
The price of Bitcoin has been moving in a narrow range for 11 days
From 11 daysthe price of Bitcoin is locked in a tidy located between the lower terminal at $26,650and the upper bound at $27,500 :
THE range traders must be having fun right now, but the trend traders haven’t had anything to eat for some time. A break of the resistance at $27,500 would allow the course to seek out the next resistance at $28,250. On the other hand, a break of the support could send the price to $25,000. The RSI has perfectly framed the range for several days, the course blocked at the level of the upper terminal, and it bounces at support level.
Bitcoin price once again closes below $27,000 on a weekly basis. For more than a week, the price has been in hesitation, awaiting a clear decision from the operators. In the very short term, the price is stuck between $27,500 and $26,650. We will have to wait for a breakout of one of these two levels to find volatility on Bitcoin.
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