Bitcoin price bearish macro outlook will not stop BTC bulls from scalping corrective rally


Share:
  • Bitcoin price shows a bearish outlook on a three-day chart with targets ranging from $13,575 to $11,898.
  • Lower time frame analysis shows BTC is ready to trigger a recovery rally attempt to retest $17,251.
  • A flip of the $17,593 hurdle into a support level will question bears’ authority and could trigger a bullish move.

Bitcoin price has breached a stable support level that has prevented a collapse for the last four months. This development has knocked BTC down to retest some not-so-great footholds that could trigger a further crash in market value for the big crypto holders.

Bitcoin price remains indecisive

Bitcoin price slipped below the June 18 support level at $17,593 on November 8. This collapse was a result of the FTX exchange’s dilemma, which eventually led to bankruptcy. Although trouble for the Bahama-based platform began on November 2, the situation worsened in the coming days.

This caused the crypto market to tumble and Bitcoin price to flip the $17,593 support into a resistance level. As BTC auctions at $16,000, investors need to pay attention to $15,551, which is a decent support zone and was formed roughly two years ago.

A failure to hold above this level will further push Bitcoin price to the subsequent foothold at $13,575, which is also relatively weak, especially when compared to $11,898. 

Therefore, from a macro perspective, a bear market bottom could occur anywhere between $11,898 and $13,575. So, investors need to be wary of  Bitcoin price’s short-term bounces and not be lured by it. 

BTCUSDT 3-day chart

BTCUSDT 3-day chart

While the Asian session is not off to a bullish start, the London or the New York sessions could result in a spike in buying pressure. Therefore, investors need to be cautious of intra-day Bitcoin price moves for scalping opportunities.

On the one-hour chart, investors can see that Bitcoin price is hovering above a 30-minute demand zone, extending from $15,550 to $15,924. A bounce off this level could be key in triggering an 8% upswing that retests the inefficiency known as the Fair Value Gap (FVG) at $17,251.

Only a flip of the $17,593 hurdle will invalidate the bearish bias and extend this run-up’s target from $17,251 to $19,500.

BTCUSDT 1-hour chart

BTCUSD 1-hour chart

While things are looking bearish in the long term, a flip of the $17,593 level would be a start of a recovery rally. This development would also invalidate the bullish theiss and potentially trigger a run-up to the $25,000 psychological level.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Ocean Protocol Price Prediction: Stunning bullish signals going unnoticed

Ocean Protocol Price Prediction: Stunning bullish signals going unnoticed

Ocean Protocol (OCEAN) price has outperformed nearly all of the cryptocurrencies in the space. The parabolic move shows no signs of slowing down yet little coverage has surfaced from crypto media outlets. This article analyzes OCEAN’s price action to gauge where it may find resistance ahead.

More Crypto News

Hedera Hashgraph Price Prediction: A potential bullrun with caution

Hedera Hashgraph Price Prediction: A potential bullrun with caution

Hedera Hashgraph price shows potential to continue its uptrend. The consolidation phase could be viewed as a buying opportunity in hindsight. However, the risk to the downside should be considered.

More Hedera News

SushiSwap price rises by 8% following social coordination launch; AAVE, MKR next?

SushiSwap price rises by 8% following social coordination launch; AAVE, MKR next?

SushiSwap price noted a sharp rise during the intra-day trading hours, which was followed by a special announcement by the leaders of the Decentralised Finance (DeFi) space. 

More SushiSwap News

Decentraland Price Prediction: Consolidation before the next move

Decentraland Price Prediction: Consolidation before the next move

Decentraland price has seen impressive growth in recent months, with a 145% rally last month alone. However, the crypto asset has faced some cooling off lately, losing 7% of its market value in the last three days.

More Decentraland News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP