Bitcoin price bearish macro outlook will not stop BTC bulls from scalping corrective rally
- 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
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.
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.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
