Bitcoin (BTC) Reclaims $16,500 But Not In Safe Zone; Here Is Why

Bitcoin price indicates strength as price bounces off from a weekly low of $15,500 to trend higher giving bulls some relief.

Bitcoin (BTC) Reclaims $16,500 But Not In Safe Zone; Here Is Why

BTC's price bounced from a low of $15,500 on the daily timeline as the price moves in a range below the 50 EMA. 

BTC/USD pair traded in a region of $15,500 on the weekly graph the price bounced from this region to a rally high of $16,500. the price of BTC needs to break above $18,500. if the BTC price fails this could be a bear trap and lead to more downward price movement. 

The live Bitcoin price today is $16,563.00 with a 24-hour trading volume of $33,266,583,084. Bitcoin is up 5.56% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $318,256,078,717. It has a circulating supply of 19,214,881 BTC coins and a max. supply of 21,000,000 BTC coins.

Bitcoin price statistics The price range of BTC in 24 hours is +$831.88 of 5.30% 24 hour low is $15,698.77 and 24 hour high is $16,582.48 with 38.51% Market dominance. 

BTC's 7-day low is $15,599.05 and 7 day high is $16,947.06 with 12141.69% Bitcoin ROI. 

The global crypto market cap is $826.58B, a 6.16% increase over the last day.

The total crypto market volume over the last 24 hours is $64.48B, which makes a 2.74% decrease. The total volume in DeFi is currently $4.43B, 6.87% of the total crypto market 24-hour volume. The volume of all stablecoins is now $61.02B, which is 94.62% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 38.49%, a decrease of 0.22% over the day.

BTC price remains considerably strong in the daily time range as the price trades above the $16,500 support level after bouncing off from the region of $15,500 leading to the price forming a bullish divergence for price. 

if the BTC price breaks above $18,500 we could see more rallies for the BTC price to a region of $19,500 to $20,000 a break below a region of $15,500 would be a bear trap as the price could go lower.

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