Bitcoin Price Analysis: Will Bitcoin Stay Calm Above $16000?

• Oxt research analyst has used on chain forensics to confirm that GBTC owns 633000 Bitcoins
• BTC price is currently wobbling near $16000. It may see a downside trend in the future.

Crypto market has seen some unprecedented events in the past few weeks. Bitcoin has seen a strong fall with the fall of FTX. With the upcoming Proof Of Reserves many crypto exchanges have audited their reserves like Gemini. Grayscale has failed to summit the same audit through Proof Of Reserves. Meanwhile, an independent researcher has used Onchain forensic to proof that the GBTC has 633000 Bitcoin. Crypto exchange Binance has also announced that they will deploy $1 Billion to keep the crypto industry going.

Bitcoin has a market dominance of 38% and can see an increasing dominance. The volume of the BTC has seen a decline of 23% in the past 24 hours. The volume to market cap ratio of Bitcoin suggests a consolidated trend in price.

Technical Indicators Are Favoring The Bears

Source: TradingView

The weekly technical chart of Bitcoin suggests a downside trend for upcoming days. Coming to the daily chart the asset price is currently trading near $16428 with a loss of 1.59%. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the DMA which can push the price further below. Resistance of the BTC can be seen near $18000. Meanwhile the support of the asset price can be seen near $15000.

RSI of the asset price is currently near 38 with a negative slope. The overall sentiment of the RSI is bearish.

Conclusion

Crypto market is currently in a mayhem and can see a negative trend. Bitcoin is currently in a consolidated trend between $15500 and $17000. BTC may see an upside move in the future.

Technical Levels

Major Support:$15000

Major Resistance: $18000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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