- Bitcoin price is trying to rally a bit after last week’s decline.
- BTC price sees bulls unable to capitalize on weaker US dollar.
- A mixed close is expected on Sunday as traders need more time to understand what happened with the FTX breakout.
Bitcoin (BTC) price will end the week with a small gain as bulls try to defend the 2022 high. low after several bearish forces again dashed any hopes of a recovery in November. As if the FTX massacre last week wasn’t enough, a missile accident in Poland reminded operators that the risk still remains and could strike at any time. Due to these changes, the tailwind from the weakness of the US dollar is completely negated by the lack of interest and mistrust of cryptocurrencies among traders.
BTC needs to update its image soon
Bitcoin price was about to recoup most of last week’s losses when FTX came out of the closet. Unfortunately, the bulls could not hold the ground above the red bearish line after the missile crash on Polish soil. This caused a small crash that saw BTC go from $17,000 at the top to $16,000 at the bottom.
BTC needs more elements in favor of the bulls if it is to break the shackles of the red descending trend line again. Moreover, the lack of interest is normal, as the risk of reaching a new low before 2022. is simply too small. An indecisive close is expected on Sunday night, with traders at a loss as to what to do next as the number of risks is still too high for them to bring out the heavy artillery and start trading in large volumes in preparation for the move.
BTCUSD Weekly Chart
Only major news can now still save the cryptocurrency’s image, or at least boost morale in the battered asset class. For example, a sudden breakthrough and peace talks between Russia and Ukraine, or a very large sell-off in the US dollar. Maybe then BTC would see it trade near $19,000 again and break out of that red downtrend line again.
Bitcoin price was about to recoup most of last week’s losses when FTX came out of the closet. Unfortunately, the bulls could not hold the ground above the red bearish line after the missile crash on Polish soil. This caused a small crash that saw BTC go from $17,000 at the top to $16,000 at the bottom.