Bitcoin Price Rejects $18K, Why There is Risk of Another Drop To $16K

Nov 11, 2022 04:00 am Cryptocurrency 105

Bitcoin price recovered over $1,500 and climbed above $17,500. BTC failed to clear the $18,000 resistance and started a fresh decline.

Bitcoin started a recovery wave above the $17,000 and $17,200 resistance levels.

The price is trading below $18,500 and the 100 hourly simple moving average.

There is a key bullish trend line forming with support near $16,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could resume its decline if there is a close below the $16,750 support zone.

Bitcoin Price Faces Key Hurdle

Bitcoin price declined heavily below the $18,000 support zone. FTX’s fall is still hurting the market and there was a strong decline towards the $16,000 support zone.

The price traded as low as $15,555 and recently started an upside correction, similar to ethereum, bnb, and ripple. There was a steady recovery wa ..

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